Rice prices across Asia have plunged to multi-year lows, led by Thailand's benchmark 5% broken variety dropping to $335-340/tonne (t), the lowest since 2007. Abundant supplies, slow overseas demand, and import restrictions from key buyers have weighed heavily on the market.
In Vietnam, export prices of 5% broken rice slipped to $374-378/t, while domestic prices in the Mekong Delta fell slightly to VND 8,100-8,200/kg. September exports dropped 41% y-o-y to 483,000 t, bringing total shipments in the first nine months to 6.9 million tonnes (mnt), down 1.6% in volume. The prolonged import suspension by the Philippines, Vietnam's largest buyer, further dampened trade sentiment.
India's white rice exports also remained under pressure, with 5% broken prices at $360-370/t, near their lowest since 2016, as buyers deferred purchases amid stable supplies and cautious global demand.
In contrast, Bangladesh continued to face firm domestic prices up about 15% over the past year, driven by higher milling and logistics costs, despite a healthy harvest. The government recently approved the purchase of 50,000 t of Indian rice at $359.77/t to stabilise local markets.
With strong harvest prospects and muted import demand, Asian rice exporters are likely to face a prolonged period of price pressure. Any recovery will depend on renewed government tenders or seasonal restocking by key importing nations.
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