Friday 6 December 2019

Rice rates in India slide to multi-year lows as supply mounts

Prices of rice in top exporter India slid to a three-year low this week as demand waned on ample supply from the recent summer harvest, while demand from Philippines picked up for the Vietnamese variety.

Rates for India's 5% broken parboiled variety were quoted around $356-$361 per tonne this week, the lowest since January 2017 and down from last week's $358-$362.

"The supplies from new crop are rising, but demand is not picking up," said an exporter based at Kakinada in the Indian state of Andhra Pradesh.

India's rice exports in October fell 42% year-on-year to 485,898 tonnes, government data showed on Thursday, due to weak demand from African countries for non-basmati varieties.

In Vietnam, rates for 5% broken rice were quoted at $345 a tonne on Thursday, compared with a range of $345-$350 a week earlier.

"Demand from the Philippines has been picking up, with more orders coming in," a Ho Chi Minh City-based trader said, adding that exporters, meanwhile, are focusing on fulfilling orders signed earlier with clients from Iraq and Cuba.

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