Aniket Pujari(Repeats story published on Thursday, with no change to text)
India allows export of 100% broken rice, banned since Sept 2022
Thai rates fall to $405-$408 from $415 last week
Bangladesh purchasing rice from Vietnam, Myanmar, Pakistan
March 13 (Reuters) – Indian rice export prices fell to a 21-month low amid subdued demand and stiff competition from other exporting countries, while Vietnam’s rates ticked higher.
India’s 5% broken parboiled variety
was quoted at $403-$410 per tonne, down from last week’s $409-$415.
“Buyers are quoting really low prices because Pakistan and Vietnam are selling rice cheaper,” said a New Delhi-based dealer with a global trade house. India last week allowed the export of 100% broken rice, which had been banned since September 2022.
Vietnam’s 5% broken rice
was offered at $392 per metric ton on Thursday, up from $389 a week ago, according to the Vietnam Food Association.
Farmers in the Mekong Delta have harvested around half of the winter-spring crop, the trader said, adding that the government’s push to buy and stockpile rice is not yet visible.
Thailand’s 5% broken rice
fell to $405-$408 per tonne from last week’s $415 due to exchange rate volatility, traders said.
Vietnamese and Indian rice prices were much lower than that of Thailand; demand for Thai rice has been very low and there are no issues with supply, said a Bangkok-based trader.
Another trader said Thai rice exports would be challenging this year due to new supply coming in from other producers like India and Cambodia.
“Demand was steady with a focus on regular customers,” the trader said, adding that prices will not top $410 despite currency volatility.
Meanwhile, domestic rice prices in Bangladesh remain high despite efforts to increase imports and boost reserves, putting pressure on consumers.
The country is purchasing rice from Vietnam, Myanmar, and Pakistan through government-to-government deals and international tenders. (Reporting by Sarah Qureshi in Bengaluru, Rajendra Jadhav in Mumbai, Chayut Setboonsarng in Bangkok, Khanh Vu in Hanoi and Ruma Paul in Bangladesh; Editing by Shailesh Kuber)
