India’s Rice Prices Reach New Highs due to Decreased Supplies and Increased Demand in Asia
Published on: February 23, 2024.
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Rates of Parboiled Rice Reach Record Highs in India as Vietnam Prices Slip
The rates of parboiled rice exported from India, a top hub for rice exports, have reached fresh record highs due to limited supplies and a slight improvement in demand. On the other hand, Vietnam prices have slipped as stocks build up.
India’s 5% broken parboiled variety is currently quoted at a record $546-$554 per ton, an increase from the previous week’s range of $542-$550.
“Demand was better this week compared to last week. Buyers are expressing concerns about the higher prices, but they don’t have many alternatives. Indian rice is still more affordable compared to rice from other sources,” stated a Kolkata-based exporter.
In contrast, Vietnam’s 5% broken rice is being offered at $625-$630 per metric ton, down from $637-$640 a week ago.
“Supplies are increasing as the winter-spring crop is being harvested. This is the largest harvest of the year,” mentioned a trader based in Ho Chi Minh City.
Several traders have reported that they are reducing their purchases of paddy rice from farmers in anticipation of further decline in domestic prices.
Thailand’s 5% broken rice prices are quoted at $615 per ton, slightly higher than last week’s $610 per ton.
Fluctuation of Local Currency and Limited Demand Keep Asia Rice Rates High
The increase in price can be attributed to the fluctuation of the local currency, even though the demand situation remains weak with no significant deals taking place. Traders have also noted that new supplies are expected to gradually enter the market next month.
Meanwhile, in an effort to cool domestic prices of the staple grain, Bangladesh plans to import 500,000 tonnes of rice in the year ending June, according to officials.
Earlier this month, the Bangladesh government reduced duties on rice imports from 63% to 15%.
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Source: https://www.brecorder.com
