This post was originally published on The Economic Times
Indian rice export prices were steady this week amid subdued demand due to higher freight rates and currency volatility, while Vietnamese rates edged up on narrower supplies and higher cost of production.
India’s 5% broken parboiled variety was quoted this week at $341 to $348 per metric ton, unchanged from last week. Indian 5% broken white rice was priced at $336 to $341 per ton this week.
“Demand is very weak from African buyers because of higher freight rates,” said a Kolkata-based exporter.
Vietnam’s 5% broken rice was offered at $375 per metric ton on Thursday, up from $350 to $355 a week ago, according to traders.
“Domestic supplies are narrowing as the winter-spring harvest is entering the final stage,” a trader based in Ho Chi Minh City said.
Traders said higher rice production cost, driven by the impacts of the Middle East conflicts, has also pushed up rice export prices.
“The rise in fuel prices have driven up the cost for rice harvesting, transporting and processing,” the first trader said. Meanwhile, Thailand’s 5% broken rice was quoted at $370 to $375 per ton, up from $365 last week.
The slight increase is mainly due to exchange rate movements,
— Read the rest of this post, which was originally published on The Economic Times.
