Asian rice export prices in key hubs remained firm this week, with Indian rates hitting a more than one-year high on stronger rupee and crop supply concerns, while Vietnamese prices rose to a near two-month high on expectations of stronger demand.
India’s 5% broken parboiled variety was quoted at $384-$389 per ton this week, up from last week’s $378-$384. Indian 5% broken white rice was priced at $385 to $390 per ton.
“Paddy prices remain firm in the domestic market due to limited supplies. Production has declined in several states because of below-normal rainfall,” said a Mumbai-based exporter.
Vietnam’s 5% broken rice was offered at $440-$450 per metric ton on Thursday, its highest level since August 21, up from $420-$430 a week ago.
“We are told that the Philippines will resume rice purchases from Vietnam from November,” a trader based in Ho Chi Minh City said.
A Vietnamese agriculture ministry official said this week that rice export activity is expected to be busy during the rest of this year, adding that the country’s target to export 8 million tons of rice will be met.
In Thailand, 5% broken rice was quoted at $480 per ton, highest since September 10, up from $465 to $468 last week.
The arrival of vessels to collect rice shipments and additional purchases by some exporters pushed prices higher, a Bangkok-based rice trader said.
Flooding has delayed loading, while some exporters have had to buy additional rice as the off-season harvest nears its end, adding upward pressure on prices, the trader said.
Thailand’s rice exports could fall short of this year’s 7-million-ton target amid competition from India and Pakistan and weaker demand from major buyers, according to the Thai Rice Exporters Association.
In Bangladesh, rice prices rose over the past week, driven by higher fuel costs and rising paddy prices, with fine rice rising to 74-75 taka per kilogram from 72 taka a week earlier, adding to the financial strain on consumers already grappling with persistently high living costs.