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India rice rates gain on higher demand; growing supplies cap upside.

Date: 17-11-2023
Subject: India rice rates gain on higher demand; growing supplies cap upside
Rice prices rose in most Asian centers this week, with export rates for the parboiled variety in top hub India gaining on a slight improvement in demand, while increasing supplies from the new season crop capped further upside.

India's 5% broken parboiled variety was quoted at $493-$503 per ton this week, versus last week's $490-$500.

"Even after paying a 20% export duty, Indian rice remains cheaper than supplies from other countries. Price sensitive buyers have no choice but to buy from India," said an exporter at Kakinada in the southern state of Andhra Pradesh.

India last month expanded curbs on rice exports with a 20% duty on parboiled rice until March 2024.

In Bangladesh, domestic prices of rice have gone up this week despite good yields and reserves, traders said, hitting consumers already battling with high inflation.

"Rice market is suddenly unstable, increased by 2 to 5 taka per kg," a trader said.

Thailand's 5% broken rice prices was quoted at $570-$575, up from last week's $562.

Continuous new demand from Asian countries helped prices, said a Bangkok-based trader. Another trader said prices could rise further due to demand from Indonesia, Malaysia, the Philippines and Iraq.

Thai Rice Exporters Association increased its export forecast to 8.5 million tonnes this year, up from previous 8 million tonnes.

Vietnam's 5% broken rice was offered at $650-$655 per metric ton on Thursday, unchanged from a week ago, and domestic supply remained low, traders said.

"Trading activity is quiet as buyers (are) hesitant to place orders due to high prices," a trader based in Ho Chi Minh City said.

Preliminary shipping data showed 215,967 tons of rice to be loaded at Ho Chi Minh City port during Nov. 1-14, with most of the rice heading to Africa, Cuba, Indonesia and the Philippines.

Source Name : Economic Times

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