AgriGuru News - Export Prices Fell To 3-Month Low On Shrinking Demand, Ample Supplies
30 MAY 2024 | SOURCE Business Standard
Top exporter India's rice export prices fell to their lowest level in more than three months this week on subdued demand and ample supplies, while Thailand's prices remained largely flat.
India's 5% broken parboiled variety was quoted at $528-$536 per ton this week, down from last week's $538-$546. Prices hit a record high of $560 last month.
"Demand is very weak from Asian and African countries. Some exporters are paying lower duties on exports and offering rice at a lower price to overseas buyers," said an exporter based in the southern state of Andhra Pradesh.
New Delhi imposed a 20% export duty on parboiled rice exports in August 2023 to control domestic rice prices.
Meanwhile, Vietnam's 5% broken rice was offered at $575-$580 on Thursday, unchanged from Wednesday, according to traders. Trading activity is slowing down ahead of a five-day-long holiday beginning this weekend, a trader based in Ho Chi Minh City said.
"The slowdown in purchases by domestic rice processors has put downward pressure on domestic paddy rice prices," the trader added.
