This week, quotes for the 5% broken parboiled rice type RI-INBKN5-P1, a top exporter from India, ranged from an unprecedented $537 to $546 per ton, up from $533 to $542 last week. Although costs in India are on the rise, they are still far lower than those of Thailand and Pakistani suppliers. Demand is being maintained in part by this discount, according to a global trade house dealer based in Mumbai.

Due to competitor India's plan to restrict shipments, purchasers are likely to flock to Islamabad, which has been selling the grain at rates that are almost 16 years higher, causing Pakistan's rice exports to soar to a new all-time high in the year that ends in June. The 5% broken rice price in Thailand Quotes for RI-THBKN5-P1 dropped from $665 per ton the previous week to $640 to $658 per ton. One dealer in Bangkok stated that prices were falling as fresh crops were being released quickly, but he also mentioned that Thai rice wasn't selling well at auction because of its high cost.

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Vietnamese Rice Prices Rise on Export Deals

Another trade said Vietnamese rice won bids to Pakistan and Indonesia. Vietnam's 5% broken rice RI-VNBKN5-P1 was offered at $635-$640 per metric ton on Thursday, up from $630 a week ago, traders said. "Price edged up after Vietnamese exporters were selected to supply most of the 500,000 tons in Indonesian Bulog's latest tender," a trader based in Ho Chi Minh City said. Prices also found support from Vietnam and the Philippines memorandum of understanding on rice trade that was signed earlier this week, the trader added. Meanwhile, Bangladesh will allow rice imports by reducing duties if necessary to reduce the price of the country's main food grain, Food Minister Sadhan Chandra Majumdar said.

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