Economic news

Strong rice demand from Asia, Africa lift Indian prices

2022.05.06 05:05

Strong rice demand from Asia, Africa lift Indian prices
Labourers move a cart loaded with rice bags inside a food processing unit, which was reopened after weeks-long shutdown to slow the spread of coronavirus disease (COVID-19), on the outskirts of Ahmedabad, India, April 20, 2020. REUTERS/Amit Dave/Files

By Roshan Abraham

(Reuters) – Export prices of rice from India rose this week on increasing demand from Asia and Africa, while dwindling supplies of the staple lifted Vietnamese rates.

Top exporter India’s 5% broken parboiled variety was quoted at $363-$367 per tonne, up from last week’s $361-$365, with prices also being supported by an appreciation in the rupee.

“Demand for all types of rice is robust from Asia and Africa,” said Nitin Gupta, vice president for Olam India’s rice business.

Generally, a stronger rupee reduces traders’ margin from overseas sales.

In neighbouring Bangladesh, domestic prices remained high, which officials blamed on hoarding and warned of strict action against those amassing the staple for windfall profits.

Meanwhile, Vietnam’s 5% broken rice was offered at $420 per tonne on Thursday, up from $415 a week ago.

“Prices are edging up on tight supplies as the winter-spring harvest has come to an end,” a trader based in Ho Chi Minh City said, adding that supplies would increase after the summer-autumn harvest in late-May.

Vietnam’s rice exports in the first four months of the year likely rose 4.4% from a year earlier to 2.05 million tonnes, while revenue from rice exports in the period fell 6% from a year earlier.

Thailand’s 5% broken rice prices were quoted at $435-$445 per tonne on Thursday, an increase from $432-$435 last week.

“There has been more demand from Iraq, with many freighters sent to buy rice and this drove up prices,” a Bangkok-based trader said.

Ships made available by Middle Eastern clients have eased the burden of high freight costs that were a concern for exporters earlier, according to traders.

The amount of rice in the market will begin to decrease as Thailand move towards the rainy season, another trader said.

Source

Related Articles

Leave a Reply

Back to top button
bitcoin
Bitcoin (BTC) $ 98,681.44 0.56%
ethereum
Ethereum (ETH) $ 3,452.05 4.47%
tether
Tether (USDT) $ 1.00 0.08%
solana
Solana (SOL) $ 260.21 1.41%
bnb
BNB (BNB) $ 672.32 8.04%
xrp
XRP (XRP) $ 1.55 8.64%
dogecoin
Dogecoin (DOGE) $ 0.466646 16.50%
cardano
Cardano (ADA) $ 1.10 22.12%
usd-coin
USDC (USDC) $ 1.00 0.09%
staked-ether
Lido Staked Ether (STETH) $ 3,464.18 4.86%
tron
TRON (TRX) $ 0.221483 11.62%
avalanche-2
Avalanche (AVAX) $ 43.13 12.67%
shiba-inu
Shiba Inu (SHIB) $ 0.000028 12.29%
the-open-network
Toncoin (TON) $ 6.18 13.28%
wrapped-steth
Wrapped stETH (WSTETH) $ 4,081.89 4.25%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 98,554.41 0.91%
stellar
Stellar (XLM) $ 0.441738 51.75%
polkadot
Polkadot (DOT) $ 8.15 33.21%
chainlink
Chainlink (LINK) $ 17.40 15.04%
bitcoin-cash
Bitcoin Cash (BCH) $ 539.73 12.93%
sui
Sui (SUI) $ 3.61 2.66%
weth
WETH (WETH) $ 3,448.33 4.44%
pepe
Pepe (PEPE) $ 0.000022 7.22%
leo-token
LEO Token (LEO) $ 8.62 1.17%
near
NEAR Protocol (NEAR) $ 6.38 13.88%
litecoin
Litecoin (LTC) $ 102.68 15.59%
aptos
Aptos (APT) $ 12.91 7.93%
uniswap
Uniswap (UNI) $ 10.74 14.84%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,624.70 4.17%
hedera-hashgraph
Hedera (HBAR) $ 0.149943 14.36%
internet-computer
Internet Computer (ICP) $ 11.62 19.83%
crypto-com-chain
Cronos (CRO) $ 0.201374 8.52%
usds
USDS (USDS) $ 1.00 0.01%
ethereum-classic
Ethereum Classic (ETC) $ 30.57 11.02%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.566765 23.81%
render-token
Render (RENDER) $ 7.96 10.97%
kaspa
Kaspa (KAS) $ 0.161217 9.36%
bittensor
Bittensor (TAO) $ 536.34 8.26%
bonk
Bonk (BONK) $ 0.000051 1.75%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.00%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.42 14.39%
vechain
VeChain (VET) $ 0.044075 36.36%
arbitrum
Arbitrum (ARB) $ 0.869245 9.72%
whitebit
WhiteBIT Coin (WBT) $ 24.65 0.13%
dogwifcoin
dogwifhat (WIF) $ 3.53 11.55%
dai
Dai (DAI) $ 1.00 0.17%
mantra-dao
MANTRA (OM) $ 3.81 4.19%
filecoin
Filecoin (FIL) $ 5.33 16.48%
blockstack
Stacks (STX) $ 2.13 13.08%
cosmos
Cosmos Hub (ATOM) $ 8.15 17.49%