Asia Rice: India rates climb to near three-month high as demand picks up

Published Jun 22, 2024

Tridge summary

India's rice export prices have increased to a near three-month high due to increased demand and a government decision to raise paddy procurement prices for the new season. The top rice exporter has increased the price at which it will buy new-season common rice paddy from farmers by 5.4% to 2,300 rupees ($27) per 100 kg. As a result, the export prices of rice are also expected to rise. However, trading activity is currently weak as buyers are delaying their purchases to see if the Philippines will officially cut its import tariff on rice. Meanwhile, flooding in northeastern Bangladesh could potentially damage rice crops.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

India’s rice export prices rose to a near three-month peak this week as demand picked up and the government raised paddy procurement price for the new season. India on Wednesday raised the price at which it will buy new-season common rice paddy from farmers by 5.4% to 2,300 rupees ($27) per 100 kg. “With the hike in paddy prices, export prices of rice will also go up. Overseas buyers will still make purchase. Even after factoring in the hike, Indian rice is cheaper than rice from other origins,” a Mumbai-based trader said. Top exporter India’s 5% broken parboiled variety RI-INBKN5-P1 was quoted at $544-$552 per ton, up from last week’s $539-$546. Vietnam’s 5% broken rice RI-VNBKN5-P1 was offered at $570 per ton, down from $570-$575 a week ago. “Trading activity is weak as buyers are halting their purchases to wait for the Philippines to officially cut its import tariff on rice,” a trader based in the Mekong Delta said. “We heard the Philippines’ decision to cut the tariff is ...
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