Rice

Despite Coronavirus Attack Indian Rice Market Touched Highest Level

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The rising demand from the African countries have boosted the Indian Rice market growth at the highest level in the current month of February’2020 while Thailand and Vietnam’s rice market struggle with the new Coronavirus outbreak.

Current Indian Market Price

  • In the current week, Indian Broken Parboiled Rice has hiked in the market value since the last week of Sepetember’2019. The rice was quoted around USD 370 to USD 375 per ton. Indian Rupees also get an appreciation value in the global market.
  • From the last four months, the trends of the export market price on downwards but in the current month of February, the export prices are also in upwards trends. It seems that demand is good for new seasonal crops and also prices are competitive in the market.
  • According to the Indian Government data, in 2019, the export market of rice was dropped by 18.1 percent. Since then, the prices of the market value are at the highest level in the current year.

Global Market Price

  • Marginal drops in the price of Thailand’s 5% Broken Parboiled Rice. The quoted price of the rice is USD 425 to USD 439 per ton whereas it was USD 432 to USD 453 in the last week of the current month.
  • Thailand’s rice market value has dropped in the last two months due to the spread of Coronavirus attack that threatened the country’s tourism sector.
  • The perceptions of the Traders from the country, that the prices to drop further in the market due to a disease outbreak that killed 563 people in the mainland of China. As, China was Thailand’s second-largest export market in the last year, the outbreak makes the market on downward trends in the current fiscal year.
  • Domestic Prices of Thailand also remain high in the current season because some parts of the regions have battled with drought.
  • The ongoing Coronavirus epidemic in China has also disrupted in the supply of Vietnamese rice to China and also the impact of shipments were however limited since China had been cutting down the import of Parboiled Rice from Vietnam.
  • However, the rising value was quoted for 5% Broken Rice USD 355 to USD 360 per ton from USD 345 per ton in the last month.
  • In between, Bangladesh has offered a cash subsidy on rice export. This can be helpful to compete with rivals and protect farmers struggling with low prices in the global market. Approximately, 20% cash subsidy on rice export has been offered by the region to overcome the current situation in the global market.

 

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