Rice prices drop in top hubs as supply surges after Indian export relaxations
India’s 5% broken parboiled rice is currently priced at $490-$495 per metric ton, the lowest since August 2023. This decline is attributed to weak demand and a depreciating rupee. Last month, India reduced the export duty on parboiled rice to 10% and set a minimum export price of $490 per metric ton for non-basmati white rice. Global rice supplies have strengthened after India relaxed export restrictions, further pressuring prices across Asian markets. Buyers remain hesitant at current price levels.
India’s 5% broken parboiled variety was quoted at $490-$495 per metric ton this week, the lowest since Aug. 24, 2023, amid weak demand and depreciation in the rupee.
iStockIndia last month cut export duty on parboiled rice to 10% and allowed exports of non-basmati white rice at a floor price of $490 per metric ton.
Rice prices across major Asian hubs declined to their lowest in more than a year this week, pressured by slow demand and increased supply after top exporter India recently eased restrictions on exports of the staple.India’s 5% broken parboiled variety was quoted at $490-$495 per metric ton this week, the lowest since Aug. 24, 2023, amid weak demand and depreciation in the rupee. Last week, traders were offering rice between $494-$498. “Both white and parboiled rice aren’t selling well right now. Buyers just aren’t comfortable with the current prices, especially after the minimum export price kicked in,” said a Kolkata-based exporter.
India last month cut export duty on parboiled rice to 10% and allowed exports of non-basmati white rice at a floor price of $490 per metric ton.”Prices edged lower on strong supplies on the global market after India relaxed its export restrictions,” a trader based in Ho Chi Minh City said.
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