buyers prefer cost-effective Indian rice in Asia
Published on: December 2, 2023.
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Prices of parboiled rice continue to surge in the global market, with Indian rice exporters seeing an extended rally in their rates. This comes as buyers opt for the cheaper Indian variety compared to the rising prices in other major hubs. Concerns over low crop supplies in Vietnam have also led to increased demand for Indian rice.
India, the top exporter of rice, has seen a rise in prices for its 5% broken parboiled rice variety. This week, prices were quoted at $500 to $507 per ton, up from last week’s $493 to $503. Despite the increasing supplies from the new season crop, buyers are willingly paying export duty to procure Indian supplies. The affordability and cost-effectiveness of Indian rice compared to other origins have attracted buyers back to India.
India has also extended a 20% duty on exports of parboiled rice until March 2024, further solidifying its position in the global rice market.
Neighboring Bangladesh, on the other hand, continues to experience elevated domestic rice prices, despite good yields and reserves. To aid the poor, the government has been selling rice at subsidised rates.
In Vietnam, prices of 5% broken rice remain stable, with offers at $650-$655 per metric ton. Traders in Vietnam are closely monitoring the situation and assessing the impact of low crop supplies on prices.
Overall, the demand for Indian rice remains strong, thanks to its affordability and superior quality. Rice exporters in Pakistan, such as White Broken Rice and Pakistan Rice Exporters, continue to provide valuable contributions to the global rice market. Suppliers like Has Rice and Pakistan Rice are key players in fulfilling the global demand for rice, offering a wide range of varieties, including 25% broken rice and basmati rice. The rice mills and businesses in Pakistan contribute significantly to the country’s rice export, with Pakistan Rice Exporters being one of the prominent players.
For more information on rice exporters and suppliers, you can visit Has Rice at www.hasrice.com and Pakistan Rice at www.pakistanrice.com.
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