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Record Highs for India's Rice Prices in Asia Due to Depleting Supplies and Strong Demand


Published Date: February 03, 2024
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Due to a lack of supply and consistent consumption from Asian and African consumers, parboiled rice export rates from major hub India reached all-time highs this week, while costs decreased in Vietnam and Thailand. This week, the record $533–$542 per ton for India's 5% broken parboiled type was stated, up from $525–$535 the previous week. According to Olam Agri India senior vice president Nitin Gupta, the government's purchase of paddy leaves little for private actors, which means that supply in the market is constrained. 

The new season crop's rice milling is presently in progress, which further reduces the supply of milled rice. According to the report, India is predicted to produce less rice this fiscal year than it has in the previous eight, which increases the likelihood that New Delhi will continue to impose export restrictions in an effort to keep food prices under control before the elections.

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Mekong Delta Harvest Dampens Vietnamese Rice Prices

Traders reported that regional supplies are building up and that the Mekong Delta's harvest, which is predicted to peak in March, has partially started. A merchant headquartered in Ho Chi Minh City stated, "Trading activity is slow as buyers are waiting for prices to fall further in anticipation of stronger supplies from the upcoming winter-spring harvest." Quotes for Thailand's 5% broken rice market (RI-THBKN5-P1) ranged from $663 to $665 per ton, a small decrease from $665 the previous week. The baht's decline, according to a merchant in Bangkok, caused prices to soften. Nonetheless, he noted that local activity as well as an upcoming purchase for 0.5 million tons from Indonesia supported prices. Despite strong yields and record reserves, rice prices in Bangladesh continued to rise sharply last week, leading Prime Minister Sheikh Hasina to announce quick action against rice hoarders.

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