India’s rice rates grind to 2-month low on soft demand
Prices of parboiled rice exported from top hub India slipped to their lowest level since early February this week, pressured by sluggish demand, while Thai rates declined for the fourth consecutive week due to a weaker baht.
Top exporter India’s 5% broken parboiled variety was quoted at $540-$548 per ton this week, down from last week’s $550-$558. Prices hit a record high of $560 last month after customs officials changed the calculation method for the 20% export duty, resulting in a hig ..
Demand from Asian buyers was subdued, which brought down prices from the last month’s highs, said Himanshu Agarwal, executive director at Satyam Balajee, a leading exporter.
Indian exporters have received notices from the customs department demanding payment of duty differentials on rice exported in the last 18 months, four exporters told Reuters, a rare tax demand that could cripple rice shipments from India.
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