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India’s 5% damaged parboiled selection was quoted at $493-$503 per ton this week, versus final week’s $490-$500.
“Even after paying a 20% export obligation, Indian rice stays cheaper than provides from different nations. Value delicate consumers don’t have any selection however to purchase from India,” mentioned an exporter at Kakinada within the southern state of Andhra Pradesh.
India final month expanded curbs on rice exports with a 20% obligation on parboiled rice till March 2024.
In Bangladesh, home costs of rice have gone up this week regardless of good yields and reserves, merchants mentioned, hitting customers already battling with excessive inflation.
“Rice market is instantly unstable, elevated by 2 to five taka per kg,” a dealer mentioned. Thailand’s 5% damaged rice costs was quoted at $570-$575, up from final week’s $562. Steady new demand from Asian nations helped costs, mentioned a Bangkok-based dealer. One other dealer mentioned costs may rise additional attributable to demand from Indonesia, Malaysia, the Philippines and Iraq.
Thai Rice Exporters Affiliation elevated its export forecast to eight.5 million tonnes this yr, up from earlier 8 million tonnes.
Vietnam’s 5% damaged rice was provided at $650-$655 per metric ton on Thursday, unchanged from every week in the past, and home provide remained low, merchants mentioned.
“Buying and selling exercise is quiet as consumers (are) hesitant to put orders attributable to excessive costs,” a dealer primarily based in Ho Chi Minh Metropolis mentioned.
Preliminary transport knowledge confirmed 215,967 tons of rice to be loaded at Ho Chi Minh Metropolis port throughout Nov. 1-14, with many of the rice heading to Africa, Cuba, Indonesia and the Philippines.
