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

COMMODITIES(B-Trams):

While supplies in Vietnam skyrocketed as a result of the peak of the winter-spring harvest in the Mekong Delta, India’s rice export prices extended their decline this week.

This week, prices for India’s 5% broken parboiled variety ranged from $385 to $390 per tonne, up from $395 to $395 last week. Since the week of February 23, when prices reached their highest level since March 2021, they have been falling from around $400.

According to executive director Himanshu Agarwal of India’s leading rice exporter Satyam Balajee, demand  impacted by the recent rise in export prices and break bulk vessel freight rates.

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As the world’s largest rice exporter tries to control domestic prices, two government sources stated last month that India does not intend to lift the ban on broken rice exports or reduce the 20% tax on overseas shipments of white rice.

The 5% broken rice still sold for $440-$445 per tonne in Vietnam a week ago.

Rice in Asia, Traders stated that the winter-spring harvest is peaking in the Mekong Delta provinces, giving a boost to domestic supplies, which hasn’t affected prices because demand is expected to be strong. Bangladesh aims to combat hoarding as export rates in India ease.

The country exported 534,607 tonnes of rice in February, according to data released on Thursday by the government’s customs department.

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Meanwhile, Thailand’s broken rice prices of 5% were quoted at $460 per tonne, unchanged from last week’s $450 to $460 range.

“Costs are as yet remaining at this level since (changes to) market interest have hushed up,” said a Bangkok-based broker. ” The new harvest must  awaited.

Despite efforts to lower the price of the staple grain, domestic rice prices in Bangladesh continued to rise.

The government buys rice from Vietnam, India, and Myanmar, which are important exporters, as well as from private traders.