Asian rice market: demand remains low in Vietnam, Thailand, India
Export prices for Indian and Thai rice increased this week on the back of an appreciation in their domestic currencies, while that of Vietnam went down over quiet demand.
Illustrative photo (Source: VNA)
According to Reuters, prices for India’s 5 percent broken parboiled variety were quoted around 367-370 USD per tonne, up from last week’s 365-367 USD.
Export demand is weak and unlikely to bounce back in the next few weeks unless prices correct, said one exporter based at Kakinada in India’s southern state of Andhra Pradesh.
Meanwhile, in Thailand, the world’s second largest rice exporter, the prices widened to 390-407 USD a tonne, from 393-404 USD a tonne last week. Traders say the price increase can be attributed to a seasonal decline in rice supply.
Thailand’s baht, which reached its highest in nearly six years against the US dollar on June 20, also boosted prices for the staple.
Demand was uninspiring in Vietnam, where rates for the 5 percent broken rice variety fell to 340-345 USD a tonne on June 20 from 345-350 last week.
Trading activities are quiet this week over low demand, though supplies from the ongoing summer-autumn harvest are abundant, a trader based in Ho Chi Minh City said./.
VNA
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