Booming Thai Rice Prices Soar to 1-Month Highs While Indian Rates Hold Steady at 15-Month Lows – Discover What’s Driving the Surge Now!
Thai rice export prices have reached a one-month high driven by strong foreign demand, notably from regular customers such as the Philippines and Indonesia. From January to October, Thailand saw a 20% increase in rice exports compared to the same period last year. This week, Thailand’s 5% broken rice rose to $500 per tonne, its highest price since late October. Exchange rate fluctuations also contributed to the price rise, though traders anticipate greater competitiveness by year’s end due to declining Indian prices.
In contrast, Indian rice prices remain stable, hovering around a 15-month low due to abundant supplies. India’s 5% broken parboiled rice continues to be priced at $440-$447 per ton—the lowest since July 2023. An Indian exporter noted that buyers are hesitant to purchase, expecting a rise in supplies. To boost exports, India recently abolished the export tax on parboiled rice and removed the floor price of $490 per ton for non-basmati white rice. Consequently, rice inventories in India hit a record high in November.
Meanwhile, Vietnam’s 5% broken rice was offered at $520 per metric ton, slightly higher than last week. However, trading activity in Vietnam remains subdued. A trader from the Mekong Delta highlighted the lack of activity, as Vietnam exported 293,484 tons of rice in early November. This brought the nation’s total rice exports to 8.05 million tons, valued at $5.05 billion, by mid-November. The Vietnamese market remains stable yet quiet, compared to the bustling activity seen in Thailand.
This market overview highlights diverging trends in Southeast Asia’s rice export scene, with Thailand experiencing a surge in demand and price, while India and Vietnam maintain more static conditions amidst changing market dynamics.
Original Story https://www.livemint.com/news/india/asia-rice-thai-prices-hit-1-month-high-indian-rates-steady-near-15-month-low-11732239173353.html
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