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Mint
6 days ago
- Business
- Mint
ASIA RICE-Surplus supply, tepid demand push India rates to over two-year low
(Repeats without changes to text) 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)
Business Recorder
03-07-2025
- Business
- Business Recorder
Asia rice: India prices steady as demand remains subdued, Thai rice falls on strong baht
Indian rice prices remained unchanged from the previous week as demand remained subdued and supplies stayed on the higher side, while Thai rates fell pressured by a stronger baht amid weak demand. India's 5% broken parboiled variety was quoted at $382-$387 per ton, unchanged from last week. Indian 5% broken white rice was priced in the $375 to $381 per ton range this week. 'Demand is still weak, (as) buyers are only making hand-to-mouth purchases because they know supplies are ample in exporting countries,' said a New Delhi-based trader with a global trade house. India's state reserves of rice, including unmilled paddy, totalled a record 59.5 million metric tons as of June 1, far exceeding the government's target of 13.5 million tons for July 1. Vietnam's 5% broken rice was offered at $382 per metric ton on Thursday, slightly down from $383 a week ago, according to the Vietnam Food Association. Asia rice: Prices in India edge up as demand improves; muted activity seen elsewhere The association said Donald Trump's announcement about a trade deal with Vietnam on Wednesday has no immediate impact on rice production and exports in the country in the short term. 'For the longer term, Vietnam's move to open its market to American farm produce will encourage domestic rice producers to improve their quality and enhance their competitiveness,' the association chairman, Nguyen Ngoc Nam added. Thailand's 5% broken rice is quoted at $380 per tonne, down from $385 to $390 quoted last week. 'Prices have been dropping because of the strong baht while there has been very little demand,' a trader said. The supply situation remained unchanged with traders expecting more supply to enter the market around August. Meanwhile, despite good rice stocks in Bangladesh, domestic rice prices remain high, putting pressure on ordinary households already struggling with rising living costs. Traders and market observers say that while there is no immediate shortage of stocks, factors such as supply chain inefficiencies, high production costs and market manipulation have kept prices high.
Business Recorder
20-06-2025
- Business
- Business Recorder
Asia rice: Prices in India edge up as demand improves; muted activity seen elsewhere
BENGALURU/MUMBAI/BANGKOK/DHAKA AND HANOI: Indian rice export prices edged up from two-year lows this week, helped by improving demand, while a lack of buying activity and higher supplies weighed on Thailand and Vietnam rates. India's 5% broken parboiled variety was quoted at $380-$386 per ton, up from the last week's $378-$384. Indian 5% broken white rice was priced at $373 to $377 per ton this week. 'The weak rupee is helping exporters a bit. We can see some demand coming back,' said Himanshu Agrawal, executive director at Satyam Balajee, a leading rice exporter. India's state reserves of rice, including unmilled paddy, totalled a record 59.5 million metric tons as of June 1, far exceeding the government's target of 13.5 million tons for July 1. Vietnam's 5% broken rice was offered at $387 per metric ton on Thursday, down slightly from $388 a week ago, according to the Vietnam Food Association. 'Trading activity is muted, but the authorities are seeking to boost shipments to China,' a trader based in Ho Chi Minh City said. A delegation of 20 Vietnamese rice processors and exporters led by trade ministry officials visited China's Guangdong province last week to seek buyers, the trader said. Thailand's 5% broken rice slipped to $397 per tonne from $398 quoted last week, on a stronger baht and weak demand. 'I'm very worried about farmers, there is a lot of supply and the new crop should have good yield from good water levels,' a Bangkok-based trader said. Meanwhile, domestic rice prices in Bangladesh remain high despite the government's efforts to cool the market, traders said. Measures such as increased government procurement, easing import duties and market monitoring have so far failed to significantly reduce the prices of the staple grain. Retailers are still selling coarse and medium-grain rice at prices far beyond the reach of many low-income consumers.
Mint
06-06-2025
- Business
- Mint
ASIA RICE-Indian rates fall to two-year low on robust rains, weaker rupee
(Repeats story published on Thursday with no changes to text) India rates fall to $380-$386 per ton Thai rice demand remains weak Philippines to diversify import sources away from Vietnam - trader June 5 (Reuters) - Indian rice export prices fell to their lowest level in two years this week due to depreciation of the rupee and expectations that a second year of robust monsoon rains would lead to another bumper crop, while Thailand saw muted demand. India's 5% broken parboiled variety was quoted at $380-$386 per ton, down from the last week's $382-$389. Indian 5% broken white rice was priced at $373 to $378 per ton this week. "India is poised to harvest another bumper crop if monsoon rains remain conducive. This will add to already overflowing stocks," said a Kolkata-based trader. The country last month raised the price at which it will buy the new-season common rice paddy variety from local farmers by 3%, the lowest increase in five years, as New Delhi struggles to manage overflowing granaries after last year's record harvest. Meanwhile, Thailand's 5% broken rice held at $410 per tonne, from $405-$410 per tonne last week. "Demand is not good at all," while supply has been ample, said a Bangkok-based trader. "The Philippines and Indonesia are not buying large lots this year." Vietnam's 5% broken rice was offered at $396 per metric ton, unchanged from a week ago, according to Vietnam Food Association. "The Philippines is seeking to diversify its sources of rice supplies and this might have a certain impact on Vietnam as the Philippines is the largest buyer," a trader based in Ho Chi Minh City said. The trader, however, said Vietnam is also seeking to increase the proportion of high-quality rice for markets such as Japan and Europe at higher prices. "We have noticed that the Philippines has cut down on their purchases from Vietnam," another trader based in the city said.
Business Recorder
05-06-2025
- Business
- Business Recorder
Asia rice: Indian rates fall to two-year low on robust rains, weaker rupee
Indian rice export prices fell to their lowest level in two years this week due to depreciation of the rupee and expectations that a second year of robust monsoon rains would lead to another bumper crop, while Thailand saw muted demand. India's 5% broken parboiled variety was quoted at $380-$386 per ton, down from the last week's $382-$389. Indian 5% broken white rice was priced at $373 to $378 per ton this week. 'India is poised to harvest another bumper crop if monsoon rains remain conducive. This will add to already overflowing stocks,' said a Kolkata-based trader. The country last month raised the price at which it will buy the new-season common rice paddy variety from local farmers by 3%, the lowest increase in five years, as New Delhi struggles to manage overflowing granaries after last year's record harvest. Meanwhile, Thailand's 5% broken rice held at $410 per tonne, from $405-$410 per tonne last week. Asia rice: Rates subdued across top exporting hubs on weak demand, ample supply 'Demand is not good at all,' while supply has been ample, said a Bangkok-based trader. 'The Philippines and Indonesia are not buying large lots this year.' Vietnam's 5% broken rice was offered at $396 per metric ton, unchanged from a week ago, according to Vietnam Food Association. 'The Philippines is seeking to diversify its sources of rice supplies and this might have a certain impact on Vietnam as the Philippines is the largest buyer,' a trader based in Ho Chi Minh City said. The trader, however, said Vietnam is also seeking to increase the proportion of high-quality rice for markets such as Japan and Europe at higher prices. 'We have noticed that the Philippines has cut down on their purchases from Vietnam,' another trader based in the city said. State media reported on Thursday Vietnam's rice exports in May were estimated at 1.1 million tons, raising total shipments in the January-May period to 4.5 million tons.
