ASIA RICE-Surplus supply, tepid demand push India rates to over two-year low
Thai rates widen on increase in production costs
Summer-autumn harvest in Mekong Delta peaking, trader says
Bangladesh to import rice ahead of upcoming flood season
July 17 (Reuters) - Indian rice prices fell to their lowest level in more than two years on subdued demand and surplus supplies, while Vietnamese rice exports to Africa and the Philippines remained steady.
India's 5% broken parboiled variety was quoted at $377-$382 per ton, its lowest since early December 2022, and down from last week's $380-$385.
Indian 5% broken white rice was priced at $373 to $378 per ton this week.
"Overseas buyers have multiple options, everyone from Thailand, Vietnam, to India wants to sell their excess stocks, so buyers are trying hard to negotiate a lower price," said a New Delhi-based trader with a global trade house.
Vietnam's 5% broken rice was offered at $380-$390 per metric ton, traders said. The price was $382 a week ago, according to the Vietnam Food Association.
"Demand from the Philippines and Africa remains steady," a trader based in Ho Chi Minh City said.
Preliminary shipping data showed 256,583 tons of rice is to be loaded at Ho Chi Minh City port in July, with most of the rice heading to the Philippines and Malaysia.
Traders said the summer-autumn harvest in the Mekong Delta, the country's key rice growing area, was peaking.
Thailand's 5% broken rice was quoted at $380-$385 per tonne, compared with last week's $380.
Traders said prices slightly widened over the week due to an increase in the cost of rice production in the domestic market as international demand remains quiet.
A Bangkok-based trader said new supply of rice will likely enter the market at the end of this month and early next month.
"Many buyers are waiting for the new crop which could drive the price down," the trader added.
Meanwhile, Bangladesh will import 400,000 metric tons of rice to strengthen food security ahead of the flood season, food ministry officials said. (Reporting by Ishaan Arora in Bengaluru, Rajendra Jadhav in Mumbai, Panu Wongcha-um in Bangkok, Ruma Paul in Dhaka, and Khanh Vu in Hanoi; Editing by Sahal Muhammed)
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