ASIA RICE-Stiff competition pushes India prices to 21-month low
ASIA-RICE/ (REPEAT, PIX):RPT-ASIA RICE-Stiff competition pushes India prices to 21-month low
(Repeats story published on Thursday, with no change to text)
*
India allows export of 100% broken rice, banned since Sept 2022
*
Thai rates fall to $405-$408 from $415 last week
*
Bangladesh purchasing rice from Vietnam, Myanmar, Pakistan
By Sarah Qureshi
March 13 (Reuters) - Indian rice export prices fell to a 21-month low amid subdued demand and stiff competition from other exporting countries, while Vietnam's rates ticked higher.
India's 5% broken parboiled variety
"Buyers are quoting really low prices because Pakistan and Vietnam are selling rice cheaper," said a New Delhi-based dealer with a global trade house. India last week allowed the export of 100% broken rice, which had been banned since September 2022.
Vietnam's 5% broken rice
Farmers in the Mekong Delta have harvested around half of the winter-spring crop, the trader said, adding that the government's push to buy and stockpile rice is not yet visible.
Thailand's 5% broken rice
Vietnamese and Indian rice prices were much lower than that of Thailand; demand for Thai rice has been very low and there are no issues with supply, said a Bangkok-based trader.
Another trader said Thai rice exports would be challenging this year due to new supply coming in from other producers like India and Cambodia.
"Demand was steady with a focus on regular customers," the trader said, adding that prices will not top $410 despite currency volatility.
Meanwhile, domestic rice prices in Bangladesh remain high despite efforts to increase imports and boost reserves, putting pressure on consumers.
The country is purchasing rice from Vietnam, Myanmar, and Pakistan through government-to-government deals and international tenders. (Reporting by Sarah Qureshi in Bengaluru, Rajendra Jadhav in Mumbai, Chayut Setboonsarng in Bangkok, Khanh Vu in Hanoi and Ruma Paul in Bangladesh; Editing by Shailesh Kuber)
Catch all the Business News , Market News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
- Top Gainers
- Top Losers
- 52 Week High