Rice Export prices in India fell to their lowest level in more than three years this week, pressured by weak demand and abundant supply. Not only India, but Vietnamese rates have also declined to a one-month low.
Indian Rice Supply Triggers Rice Export Prices Affecting Several Nations
Owing to the abundant supply in India and weak demand rice prices in several nations have reached their record low such as the price of US medium grain and Thai rice has reached its lowest level in eight years. Notably,India’s 5% broken parboiled rice variety this week was recorded at 354-$362 per ton, down from the last week’s $367-$371, its lowest level since June 2022. 5% broken Indian rice has also reached to $369 per ton from its previous rate of $375 per ton this week.
The rice exports demand is subdued as Indian rice is more expensive than supplies from Pakistan and Thailand. India’s rice stocks in government warehouses climbed more than 14% from a year earlier to a record high for early September, official data showed on Wednesday.
Vietnam’s Rice Exports Rates Slipped to a One-Month Low
Vietnam’s 5% broken rice was offered at $440-$450 per metric ton, its lowest level since August 21, down from $450-$455 a week ago, according to the Vietnam Food Association. Few traders in Vietnam reported that prices further fell more after the Philippines began its 60-day import suspension. Vietnam exported 234,032 tons of rice in the first half of September, valued at $112.5 million, government customs data showed on Thursday. Rice export value during the Philippines rice import ban, however, fell 17% to $3.37 billion, the Customs Department said in a report. Thailand’s 5% broken rice price hovered at $360 per tonne from a range of $355 to $365 as recorded last week. However, traders are speculating that though demand was similar to last week with customers buying only what was necessary, supply this harvest period is expected to be strong due to good rainfall.