India rice prices decrease from all-time highs, while Thai rates decline due to weak baht.
Published on: March 15, 2024.
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Rates of parboiled rice exported from India have decreased from record highs this week, as buyers are looking for cheaper options elsewhere. Additionally, the weaker baht has put pressure on Thai prices.
India, the top exporter, is now quoting the 5% broken parboiled variety at $548-$555 per metric ton, compared to last week’s range of $552-$560.
Buyers from Africa who are hesitant about the current high prices are now seeking cheaper alternatives, according to a Mumbai-based dealer with a global trade house.
Indian traders are also signing fewer new contracts for parboiled rice exports due to changes in the calculation method for the 20% export duty, resulting in higher levies, as confirmed by four industry officials.
Meanwhile, Thailand’s 5% broken rice is now quoted at $615 per ton, down from $620-$622 last week. This drop is attributed to the weak baht and competition from Vietnam, which has prompted many Thai exporters to reduce prices.
Although there is some demand from Indonesia and the Philippines, there have been no major deals observed, according to a trader based in Bangkok.
In Vietnam, the price of 5% broken rice has increased to $585 per ton from $580 a week ago. A trader in Ho Chi Minh City explained that rice export prices have slightly risen due to the increase in domestic paddy prices, driven by higher purchases from exporters and processors.
Preliminary shipping data reveals that 450,250 tons of rice will be loaded at Ho Chi Minh City port in March, with the majority of this rice destined for the Philippines and Indonesia.
Overall, the supply situation remains unchanged with some new supply of rice entering the market, as mentioned by the same trader.
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