The Asian rice export market remained subdued this week, with Indian prices easing slightly while rates in Thailand and Vietnam held steady, as sluggish demand kept buyers on the sidelines.
India’s 5% broken parboiled variety (RI-INBKN5-P1) was quoted at $380-$385 per ton, down from the last week’s $382-$387. Indian 5% broken white rice was priced at $374-$380 per ton this week.
“Buyers have been postponing purchases as prices are correcting in leading exporting countries,” said a New Delhi-based trader with a global trade house.
Thailand’s 5% broken rice (RI-THBKN5-P1) is quoted at $380 per ton, unchanged from the week before.
“There have been so few buyers, so the future doesn’t look bright,” a Bangkok-based rice trader said.
The supply situation also remains unchanged with one trader saying that prices may drop in early August when a new crop of rice enters the market.
Vietnam’s 5% broken rice (RI-VNBKN5-P1) was offered at $382 per metric ton on Thursday, unchanged from a week ago, according to Vietnam Food Association.
“We haven’t seen any improvement in demand recently as not many new contracts are being negotiated,” a trader based in Ho Chi Minh City said.
Rice exports from Vietnam rose by 1.9% in June from a year earlier to 526,000 metric tons, according to government data. This raised total shipments in the first half of the year to 4.73 million tons, up 3.8% year-on-year.
Meanwhile, the Vietnamese government said on Tuesday it would soon sign a rice trade agreement with Indonesia after exports to the market plunged in the first half of the year.
However, domestic prices of rice in Bangladesh remain high despite good reserves, which is hitting consumers hard.
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