India: Paradip port to handle non-basmati rice export
After the Deepwater port in Kakinada, Paradip port in Odisha is the latest port to open for Indian rice export.
The initial Indian non-basmati rice export was officially shipped from the Paradip International Cargo Terminal (PICT), Odisha, to Vietnam last May 3, 2021. M Angamuthu, Chairman of APEDA stated that the rice exports via PICT would vastly increase India’s non-basmati rice export to rice importers from Southeast Asian countries while improving the income of at least two lakh farmers from Odisha and neighboring territories. Up until now, rice produced from Odisha used to be shipped from the ports of Vizag and Kakinada. As per BV Krishna Rao, President of The Rice Exporters Association, the opening of Paradip port will also reduce the logistics cost for rice traders to some amount.
Indian parboiled rice export witnessed an average requirement for the previous week. While most rice traders continued to execute previously closed contracts, rice traders also witnessed the arrival of new rice crops throughout the major markets in the Central and South Indian areas. The new rice crop will maintain the rice export prices bearish for the near term. Rice exporters also witnessed restrictive actions for COVID-19 which affected deliveries in major rice importing destinations. Indian white rice export demand remains firm in most top rice importing countries. New cargo arrival in the majority of markets has changed the price bearish for the short term.
Thailand 5 percent broken rice export prices increased to $470-$500 per MTS from the previous week’s $467-$500 per MTS. One rice exporter said that rice prices have increased marginally since there was some rice demand from rice importing countries in Africa for parboiled rice. One rice trader said that rice exporters have ready supplies of rice to export, but rice export demand is less. Rice export demand from the Middle East has decreased during the month of Ramadan.
Vietnam's 5 percent broken white rice export prices decreased to $485-$490 per MTS from the previous week’s $485-$495 per MTS. One rice trader said that transactions are slow as many rice exporters are on a long weekend holiday and some rice exporters are still procuring for the deals signed previously.
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