Kolkata/Bangkok: Indian rice export prices held near a more than one-year high this week, as a weaker rupee offset rising paddy costs amid growing concerns about domestic crop supply, Reuters reported on Thursday.
India's 5 per cent broken parboiled variety was quoted at $378 to $384 per tonne this week, unchanged from last week, while the 5 per cent broken white rice was priced at $379 to $384 per tonne. "Rupee depreciation is helping keep export prices steady," a Kolkata-based trader said, adding that demand softened slightly this week as buyers delayed purchases because of higher freight rates.
Production set to fall
The country's rice production is set to decline this year for the first time in a decade, as below-normal rainfall threatens to cut yields.
Asian markets mixed
In Thailand, 5 per cent broken rice rose to $465 to $468 per tonne, up from $460 last week, as flooding in some provinces may have damaged supplies and exporters expect lower production. Demand from the Philippines is expected there. Vietnam's 5 per cent broken rice was offered at $420 to $430 per tonne, unchanged; its September exports fell 9.3 per cent from a year earlier, and shipments in the first nine months of the year were down 5.4 per cent. In Bangladesh, rice prices rose 1 to 2 taka per kilogram on higher transport costs following a fuel price hike.
Sources:
Indian rice export prices stay near one-year high as rupee weakens — Reuters via The Hindu BusinessLine
India's 5 per cent broken parboiled variety was quoted at $378 to $384 per tonne this week, unchanged from last week, while the 5 per cent broken white rice was priced at $379 to $384 per tonne. "Rupee depreciation is helping keep export prices steady," a Kolkata-based trader said, adding that demand softened slightly this week as buyers delayed purchases because of higher freight rates.
Production set to fall
The country's rice production is set to decline this year for the first time in a decade, as below-normal rainfall threatens to cut yields.
Asian markets mixed
In Thailand, 5 per cent broken rice rose to $465 to $468 per tonne, up from $460 last week, as flooding in some provinces may have damaged supplies and exporters expect lower production. Demand from the Philippines is expected there. Vietnam's 5 per cent broken rice was offered at $420 to $430 per tonne, unchanged; its September exports fell 9.3 per cent from a year earlier, and shipments in the first nine months of the year were down 5.4 per cent. In Bangladesh, rice prices rose 1 to 2 taka per kilogram on higher transport costs following a fuel price hike.
Sources:
Indian rice export prices stay near one-year high as rupee weakens — Reuters via The Hindu BusinessLine
