India commands the global rice markets with a 40% share in the global rice trade. The country is followed by Thailand and Vietnam in terms of rice exports.
The price for rice exports from India witnessed losses in the current week due to a sluggish demand. Rice buyers and rice importers anticipated a further fall in prices and postponed purchases while rice traders in Vietnam hoped for their competitive pricing and growing supplies to lure more orders from big buyers.
The 5% broken parboiled variety from leading exporter India was quoted at $380-$385 per tonne, the lowest price since mid-January, down from $382-$387 a week earlier.
A Kakinada-based exporter in the southern state of Andhra Pradesh, who wished to remain unnamed, claimed that prices for the commodity had fallen by about $20 per tonne in the previous month and that prices for all farm products had fallen recently. The exporter stated that “buyers are waiting to see whether rice prices could fall further”.This week, the price of 5% broken rice in Vietnam remained constant at $450 per tonne.
A trader based in the Mekong Delta province of An Giang said, “Trading activities would definitely pick up in the next coming months due to the rising supplies from current harvest and demands from traditional buyers including China and the Philippines.” He also said that by the end of March, the winter-spring harvest would be finished.
Prices for Thailand’s 5% broken rice increased from $455 per tonne last week to $465 per tonne this week. Another trader based in Ho Chi Minh City claimed that since Thai grain was still more expensive than Vietnamese rice, some traders abroad were turning to Vietnam to increase their profits.
Reasons For Price Hike
One trader in Bangkok claimed that the baht’s increase had caused a small change in price. Although demand was “quiet,” the trader anticipated that prices would be range-bound as supplies began to gradually increase.The country’s exports are more expensive in dollar terms due to its stronger domestic currency.According to another trader, prices may decrease if supplies increase.
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