India’s Rice Rates Hit New Record High Due to Limited Supply in Asia
Published on: February 14, 2024.
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Prices of parboiled rice from India, one of the top exporting countries, have continued to increase for the fourth consecutive week due to limited supplies. The 5% broken parboiled variety from India reached a record high of $542-$550 per ton, compared to last week’s prices of $537-$546.
According to a Kolkata-based exporter, milling of new season’s paddy is ongoing, but the government’s purchases have resulted in limited supplies, thereby maintaining high local prices.
In contrast, Pakistan’s rice exports are expected to reach a record high by June, as India’s decision to restrict shipments has led buyers to turn to Islamabad. Pakistan is offering the grain at prices that haven’t been seen in nearly 16 years.
Thai prices for 5% broken rice have slightly decreased to $630 per ton, down from the previous week’s $640 per ton. However, market activity has slowed, leading to no large orders. A Bangkok-based trader mentioned that shipments are fulfilling previous orders.
On the other hand, Vietnam’s 5% broken rice prices remain unchanged at $635-$640 per metric ton. With the upcoming week-long Lunar New Year holiday, trading activity is slow, and many rice processing plants have temporarily closed, halting their purchase of paddy rice from farmers.
It is important to note that Vietnamese markets will be closed from Thursday for the Lunar New Year and will reopen next week’s Thursday.
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