Indian rice rates jump on sound demand amid concern over possible export curbs

Costs of rice from high exporter India this week climbed to their highest in additional than a yr, boosted by robust demand amid issues over a potential restriction on exports of some grades of the staple.

India’s 5% damaged parboiled selection was quoted at $379 to $387 per tonne, their highest since June 2021, from $366-$372 final week. Costs have risen for a 3rd straight week.

Indian parboiled rice costs rose due to a young from Bangladesh, which might be pressured to make huge shopping for this yr on account of crop harm, stated Himanshu Agarwal, govt director at Satyam Balajee, India’s largest rice exporter.

On the similar time, India is contemplating whether or not to limit exports of 100% damaged rice, authorities and trade officers advised Reuters on Friday, with the paddy space decreased by a scarcity of rainfall.

White rice costs had been regular due to ample provides, stated an exporter based mostly in Kakinada within the southern state of Andhra Pradesh.

Neighbouring Bangladesh was finalising offers with Vietnam and India to import a complete of 330,000 tonnes of rice because it races to replenish reserves and funky home costs.

In the meantime, Thailand’s 5% damaged rice costs dropped barely to $415-$416 per tonne from $416-$420 final week.

A Bangkok-based dealer attributed the dip to a change in change charges.

“In the course of the wet season patrons will not be so energetic as a result of there’s at all times manufacturing,” the dealer stated, including some orders got here from the Center East however not in massive portions.

One other dealer stated orders had been coming in from Africa for parboiled rice, whereas demand for white rice was regular.

Shipments had been anticipated to satisfy forecasts of seven million to 7.5 million tonnes from depreciation of baht, decrease delivery prices and good yield from rain, he added.

Vietnam remained closed for the Nationwide Day vacation.