Thai and Vietnamese rice rates decline due to weak demand in Asia
Published on: June 1, 2024.
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Rice prices in Thailand and Vietnam have slightly decreased this week due to lower demand and increased supplies, while Indian rates remain steady with strong demand from African countries. Vietnam’s 5% broken rice is now offered at $580 to $585 per metric ton, down from the previous week’s range of $585 to $590. This decline can be attributed to the growing supplies as farmers have begun harvesting the summer-autumn crop. Vietnam’s rice exports in May have also significantly increased by 35.5% compared to the same month last year, reaching an estimated 980,000 tons.
Similarly, Thailand’s 5% broken rice is quoted at $620 to $630, slightly lower than the previous week’s range of $630 to $635. This decrease is a result of a previous auction that artificially drove the selling prices up but did not result in any sales. However, there is still steady demand from Africa and Iraq, which is helping to support prices. Additional supply is expected to enter the market in July and August.
On the other hand, India’s top exporter, the 5% broken parboiled variety, remains relatively unchanged at $535 to $543 per ton. This stability is due to the declining paddy supplies in central and eastern states of the country. India continues to offer rice at lower prices compared to other countries, contributing to the stable demand.
In Bangladesh, despite good crops and reserves, rice prices have remained high, causing difficulties for consumers.
Overall, the rice market in Asia is experiencing various trends, with Vietnam and Thailand seeing slight price drops, India maintaining steady rates, and Bangladesh facing high prices despite favorable conditions.
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