Rice Importers of Indian rice are looking forward to further price drop
India's rice export prices dropped to their lowest in 3 months.
Top rice exporting country, India rice export price for 5 percent broken parboiled rice was estimated at $354 to $360 per MTS this week, their lowest since mid-August 2021, decreased from $359 to $364 per MTS from the previous week. One Indian rice exporter said that rice importers are delaying purchases since prices have been dropping for the past few weeks. They are anticipating a further decrease in the rice export prices.
Thailand's 5 percent broken white rice prices increase to $385-$395 per MTS from the previous week’s $377-$383 per MTS. Pushed by the improving of the baht against the U.S. dollar, and an uptick in the demand after rice export prices fell in the previous week to a position last seen in October 2017. One rice trader said that soaring logistics charges, which have affected Thailand's overall export division, have also harmed rice export trade. He also added that rice demand has gradually improved due to the decline in prices last week, but the shipping charge is still high which has prevented deals.
Vietnam's 5 percent broken rice decreased to $425-$430 per MTS from the previous week’s $430-$435 per MTS. One rice exporter said that the rice export prices dropped after the decrease in prices of rice from other top rice exporting countries, including India and Pakistan. Though, decreasing local rice supplies are likely to prevent a further decline in prices over the coming weeks, with the next harvest anticipated only in late February or early March 2022.
Rice price in Bangladesh has continued at a higher level despite greater rice imports in recent months on the back of lower customs duty and decreased price in the international rice trade as well as a record supply in the government storage warehouse. The higher price of the staple food came at a time when the harvesting of Aman, the second-largest paddy crop in the country, is ongoing.
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