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India’s 5% damaged parboiled selection was quoted at $550-$558 per ton this week, up from final week’s $543-$550. Earlier this month, costs hit a report excessive of $560.
“We have needed to increase costs for the reason that authorities is contemplating the whole transaction worth as an alternative of Free on Board (FOB) worth to calculate the 20% export obligation. This has pushed our export costs larger,” mentioned a New Delhi-based vendor with a worldwide commerce home.
New Delhi imposed a 20% export obligation on parboiled rice exports in August 2023 to manage home rice costs.
Indian exporters have acquired notices from the customs division demanding fee of obligation differentials on rice exported within the final 18 months, 4 exporters advised Reuters, a uncommon tax demand that might cripple rice shipments from India.
Thailand’s 5% damaged rice costs was quoted at $585-$590 per ton, down from final week’s $598. Costs softened as a result of a weakening baht and demand, mentioned a Bangkok-based dealer, however added that Indonesian consumers supported costs. One other dealer mentioned Vietnamese rice was cheaper and that native provide was coming to a seasonal finish, though there was some paddy left.
Vietnam’s 5% damaged rice was supplied at $590-$595 per metric ton, unchanged from per week in the past.
“Exporters have slowed down their purchases from farmers after an U.S. forecast saying earlier this month that the Philippines may scale back its imports this yr on rising home provides,” a dealer primarily based in Ho Chi Minh Metropolis mentioned.
The Philippines is Vietnam’s largest rice export market.
In the meantime, Bangladesh’s rice costs stayed elevated regardless of good yield and reserves.
Officers famous that Bangladesh might enable non-public merchants to import as a lot as 200,000 tonnes of rice in an effort to chill home costs of the staple grain.
