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Asia Rice Market Dynamics: Indian Prices Continue to Fall, Vietnamese Rates Increase Due to Indonesian Demand


Published Date: March 28, 2024
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Four industry executives told Reuters earlier this week that when customs officials revised the calculating technique to account for the 20% export duty, leading to a higher duty, Indian traders have entered into few fresh agreements for parboiled rice exports. This week, quotes for India, a leading exporter,'s 5% broken parboiled type ranged from $543 to $550 per metric ton. Due to weak African demand, rice prices for export in India dropped for a second consecutive week, while prices in Vietnam marginally improved as a result of Indonesia's enhanced offer for supplies. The 5% broken parboiled variety, which is India's top export, was estimated this week at $543–$550 per metric ton, down from $548–$555 last week and a record high of $560 earlier this month.

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Indian Parboiled Rice Exports Slow Down Due to Higher Duty

African consumers are waiting it out because they have the stocks necessary to meet immediate needs. An exporter from New Delhi stated, "They're simply waiting for pricing to correct before making new purchases." Four industry executives told Reuters previously this week that when customs officials revised the calculating technique for the 20% export obligations, resulting in an additional duty, Indian traders had entered into few additional agreements for parboiled rice exports. The 5% broken rice type was available in Vietnam for $590–$595 per metric ton, up from $585 a week earlier.

According to a trader located in Ho Chi Minh City, "prices rose higher after Indonesia earlier this week invited bidders for the supplies of 300,000 additional tons." The price per ton of Thailand's 5% broken rice was quoted at $598 on Thursday, a decrease from $615 the previous week. Tradesmen blame the decline on the baht's decline while domestic costs essentially stay the same. This week, the Thai baht lost 0.5% of its value compared to the US dollar. Without revealing the amount of the transaction, a trader stated that there exists a certain demand with a possible tender from Indonesia.

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