Shortage of Rice Boosts India Rates to Highest Level in 4 Months, Thai Prices Also Increase
Published on: January 19, 2024.
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Prices of parboiled rice exported from India, one of the top rice hubs, have reached their highest level in four months. This rise in prices is attributed to strong demand and reduced supplies.
Currently, India’s 5% broken parboiled rice is priced between $525 to $535 per ton, which is the highest it has been since September. This is a significant increase from the range of $510 to $517 per ton seen last week. Himanshu Agarwal, the executive director at Satyam Balajee, a leading exporter, explained that while demand may be sluggish, the prices are rising due to a shortage of paddy caused by increased government buying.
In Thailand, the prices for 5% broken rice have also surged. They are now quoted at $665 per ton, compared to the range of $648 to $650 per ton seen last week. Traders in Thailand have observed strong demand from Indonesia and African markets, which has led to this increase in prices.
On the other hand, Vietnam has experienced steady prices for its 5% broken rice. Prices have remained at $653 per metric ton for the past three weeks. The demand for Vietnamese rice is expected to remain strong, with exports projected to reach 8 million tons, the same as the levels seen in 2023.
In Bangladesh, rice prices have risen by 5 Bangladeshi Taka ($0.0457) despite sufficient yield and reserves. The government has attributed this increase to hoarding by unscrupulous businesses aiming to make excessive profits. As a result, the country’s food minister has warned millers and traders to lower prices, or face stern action.
Overall, the rice export market is witnessing price fluctuations due to various factors such as demand, supply, and government policies. To stay updated with the latest trends and prices, it is essential to closely monitor the market.
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