Firm Demand from Indonesia Boosts Thai Rice Prices in Asia
Published on: April 14, 2024.
Filed under:
Rice Export Prices Rise in Thailand Due to Strong Indonesian Demand
The prices of rice exported from Thailand have increased this week, driven by strong demand from Indonesia. Thailand’s 5% broken rice prices were quoted at $585 to $590 per ton, up from $570 the previous week. Traders attribute the rise in prices to the high demand from Indonesia, where buyers are sourcing rice from Thailand, Vietnam, and Pakistan. Additionally, the ongoing harvest of new supply in Thailand has also supported the prices.
On the other hand, Indian rice rates have remained low due to subdued demand. India’s top exporter, 5% broken parboiled variety, was quoted at $540-$548 per ton this week, near a two-month low. The demand from Asian and African buyers has slowed down in recent days, resulting in sufficient supply in the local market.
It is worth noting that Indian rice exporters have received tax demands from the customs department relating to duty differentials on rice exported over the past 18 months. This unexpected tax demand could potentially disrupt rice shipments from India.
Meanwhile, Vietnam’s rice prices have remained stable. The 5% broken rice variety was offered at $580 per metric ton, unchanged from the previous week. However, domestic paddy prices have slightly increased as supplies have started to dwindle, and the intrusion of saltwater in some Mekong Delta provinces has threatened rice production.
In Bangladesh, rice prices have remained elevated despite good yields and record reserves. To control the prices, the government has taken the decision to allow private traders to import around 100,000 tonnes of rice.
Source
(Footnote: The above text is a rewritten version of a news article and does not reflect the personal views or opinions of the writer. The source article can be found at [source URL].)
