India’s Parboiled Rice Export Prices Continue to Surge
Published on: February 15, 2024.
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Prices of Parboiled Rice Surge in India’s Export Market
In the bustling rice export market, prices of parboiled rice from India continue to rise, reaching new highs for the fourth consecutive week. Limited supplies have contributed to the surge in prices, leading to record-breaking figures.
India, known as a top exporter of rice, saw its 5% broken parboiled variety quoted at an unprecedented range of $542 to $550 per ton this week, compared to the previous week’s range of $537 to $546. A Kolkata-based exporter noted that while the milling of new season’s paddy is ongoing, supplies remain restricted due to government purchases, which have bolstered local prices.
Meanwhile, Pakistan’s rice exports are anticipated to soar to record levels by June, as buyers turn to Islamabad given India’s decision to restrict shipments. Islamabad is currently selling the grain at prices that haven’t been seen in 16 years.
Thailand’s 5% broken rice prices saw a slight decline to $630 per ton, down from last week’s $640 per tonne, as market activity slowed. A trader in Bangkok mentioned that there were no significant orders coming in, and shipments were predominantly fulfilling previous orders.
The decline in price for Thailand’s rice is attributed to a recent auction held by Indonesian buyers, which resulted in lower prices. In Vietnam, the price of 5% broken rice remained stable, with an offering of $635 to $640 per metric ton this week.
However, trading activity in Vietnam has slowed down in anticipation of the week-long Lunar New Year holiday. Many rice processing plants have closed for the holiday, temporarily halting their purchase of paddy rice from farmers. Vietnamese markets will be closed from Thursday and are set to reopen the following Thursday.
The rise in prices of parboiled rice from India, along with Pakistan’s booming exports, are significant developments in the rice export market. As buyers navigate the changing market dynamics, it is crucial for rice exporters, particularly those in Pakistan and India, to adapt to these new trends and capitalize on the current demand.
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