India rice prices near 3-month low due to surplus supply in Asia
Published on: May 6, 2024.
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Prices of rice exported from top hub India have reached a three-month low due to sluggish demand and abundant supplies. At the same time, Thai rates have increased to a more than one-month high due to favorable domestic demand.
India’s 5% broken parboiled variety of rice is currently quoted at $528-$536 per ton, which is unchanged from last week. While there hasn’t been much movement in the market, buyers are delaying their purchases as prices have been correcting in major exporting countries. This trend was reported by an exporter in the southern Indian state of Andhra Pradesh.
On the other hand, Thailand’s 5% broken rice prices rose slightly to $588–$595 per ton from last week’s range of $580-$585. Prices are expected to remain strong due to domestic demand and activity, and droughts may also contribute to the increase in prices. Demand is gradually increasing, and deliveries are being made, according to another trader in the city.
In Vietnam, the price of 5% broken rice was offered at $577-$580 on Thursday, which is slightly higher than the previous week. Prices remained stable during the holidays, as the country’s markets were closed from Monday through Wednesday for national holidays. Vietnam has seen a significant increase in rice exports, with 3.23 million metric tons exported in the first four months of this year, an 11.7% increase from the previous year. Rice export revenue in the same period also rose by 36.5% to $2.08 billion.
Meanwhile, Bangladesh is experiencing an ongoing heatwave that could potentially ruin rice crops in the country’s main rice-growing region this summer. The heatwave is caused by high temperatures and low rainfall, posing a threat to rice production.
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