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Indian Rice Export Prices Slumps as Buyers Turn To Vietnam

COMMODITIES(B-Trams):

After sluggish demand this week, Indian rice export prices extended their losses. Buyers delayed purchases in anticipation of further price drops, while Vietnamese traders hoped their competitive pricing and expanding supplies would attract additional orders from large buyers.

The 5% broken parboiled variety, which is India’s top export, was quoted at $380-$385 per tonne, the lowest price since mid-January, down from $382-$387 a week earlier.

Also Read : Prices Of Rice In Asia Fall As Low Demand And Peak Harvest

The unnamed exporter, based in Kakinada in the southern state of Andhra Pradesh, stated that prices had decreased for all farm commodities over the past few days and had corrected by approximately $20 per tonne in a month.

The exporter stated, “Buyers are waiting to see if rice prices could fall further.”

This week, broken rice prices in Vietnam remained at $450 per tonne, unchanged at 5%.

A trader in the Mekong Delta province of An Giang said, “Trading activities will definitely pick up in the next coming months on rising supplies from the current harvest and demands from traditional buyers including China and the Philippines.” He added that the winter-spring harvest would end at the end of March.

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According to a different Ho Chi Minh City-based trader, prices for Vietnamese rice are still lower than those for grain from Thailand. As a result, foreign traders are turning to Vietnam to maximize profits.

From $455 per tonne the previous week, Thailand’s broken rice prices increased by 5% to $465 per tonne.

The baht’s rise, according to one trader based in Bangkok, had a slight impact on prices. However, given that supplies were gradually rising and demand was “quiet,” the trader anticipated that prices would remain range-bound.

Exports from the nation are more expensive in dollar terms due to the country’s stronger domestic currency.

Another trader stated that if supplies rise, prices may fall.