india rice prices near 3-month low as demand weakens in asia
Published on: April 28, 2024.
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India’s rice export prices hit a three-month low this week, primarily due to weak demand. The 5% broken parboiled variety of rice was quoted at $538-$546 per ton, down from the previous week’s $540-$548. However, it is worth noting that prices reached a record high of $560 last month. Anticipating a decrease in prices, buyers have been delaying their purchases, resulting in prolonged weak demand. This situation has persisted for several weeks, according to an exporter based in Kakinada, Andhra Pradesh. Thailand also experienced sluggish rice trading activity during the long holiday weekend, with prices of its 5% broken rice quoted at $585 per ton, down from $585-$590 per ton in the previous week. Notably, the prices in Thailand have remained stable despite a rice deal with Indonesia, which saw buyers source rice from Thailand, Vietnam, and Pakistan. Additionally, there is growing demand from African markets. On the other hand, Bangladesh has approved the import of 124,000 tonnes of rice due to soaring staple grain prices. The imported rice is expected to be available in the domestic market by the end of May. Vietnam’s rice markets were largely closed on Thursday because of the Hùng Kings’ Festival.
Overall, this week’s rice prices have been driven by weak demand, delay in purchases, and market holidays. Additionally, new supplies of rice have entered the market. It is essential to monitor the market closely as these factors continue to influence rice prices.
To learn more about rice exporters, rice suppliers, and current rice prices, please visit HasRice.com for a comprehensive overview. You can also find detailed information about Pakistan rice exporters, rice mills in Pakistan, and rice business in Pakistan on the same website.
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