India Rice Prices Reach 4-Month High as Supplies Dwindle in Asia
Published on: January 20, 2024.
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Parboiled Rice Prices Surge in Top Exporting Countries
BENGALURU/MUMBAI/HANOI/BANGKOK/BANGLADESH – The prices of parboiled rice exported from India and other major rice hub countries have reached their highest levels in four months, driven by strong demand and shrinking supplies. In India, the rates for the 5% broken parboiled variety have soared to $525 to $535 per ton, marking the highest level since September. Similarly, Thailand’s 5% broken rice prices hiked to $665 per ton on Thursday, stimulated by robust demand from Indonesia and African markets.
Increased Demand and Limited Supplies Drive Price Hike
Despite sluggish demand, the prices of parboiled rice continue to rise due to reduced paddy availability caused by strong government procurement in India. Himanshu Agarwal, the executive director at Satyam Balajee, a leading exporter, emphasized that the limited supply has contributed to the price increase. In Thailand, the surge in demand from Indonesia, following their announcement of plans to buy rice from multiple countries, has created immense market activity and driven up the price.
In Vietnam, the prices for the 5% broken rice have remained steady at $653 per metric ton. However, demand is currently weak as buyers are waiting for new supplies from the winter-spring harvest. Despite this, traders anticipate that this year’s rice exports from Vietnam will reach around 8 million tons, similar to the levels seen in 2023, as the global demand for Vietnamese rice remains strong.
In Bangladesh, despite good yield and reserves, rice prices have increased by 5 Bangladeshi Taka ($0.0457) per week. The government attributes this price hike to hoarding by unscrupulous businesses aiming to make windfall profits. The country’s food minister, Sadhan Chandra Majumder, has warned millers and traders to lower prices, threatening stern action against those engaging in stockpiling.
Ensuring a Stable Rice Market
The rise in parboiled rice prices in various exporting countries highlights the importance of maintaining a stable market. The availability of adequate supplies is necessary to meet the demand and prevent excessive price hikes. Governments and industry stakeholders must work collaboratively to address hoarding practices and ensure fair pricing for consumers.
Sources:
Source: BRecorder.com
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