Indian traders hike rice export prices, cite higher duty and weak demand
Rice export prices from India, one of the world’s top exporters, have experienced a slight increase this week.
The surge comes as traders factored in higher duties on rice shipments, while demand in Thailand remains subdued.
The 5% broken parboiled variety from India is now quoted at $550-$558 per ton, marking an uptick from the previous range of $543-$550, reported news agency Reuters. It may be noted that prices hit a record high of $560 earlier this month.
Explaining the price hike, a dealer based in New Delhi, representing a global trade house, pointed to the government’s shift in calculating the 20% export duty. Instead of using the Free on Board (FOB) value, authorities are now considering the total transaction value, leading to upward pressure on export prices.
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