HANOI/MANILA (Reuters): Indian rice export prices dropped to an over 19-month low this week, weighed down by rising supplies from the new season crop and a plummeting rupee, while Vietnam's rates slid to their lowest level since early September 2022.
India's 5% broken parboiled variety was quoted at US$418 to US$428 per metric ton this week, down from last week's $429 to $435. Indian 5% broken white rice was quoted at US$395 to US$405 this week.
"Buyers are interested in purchases, but are alarmed by the sharp fall in prices. They are waiting for prices to settle near the bottom," said Himanshu Agarwal, executive director at Satyam Balajee, a leading rice exporter. India's rice stocks hit a record high of 60.9 million metric tons at the start of January, reaching eight times the government's target.
Meanwhile, the rupee hit a fresh record low on Thursday, effectively increasing the trader's margin from overseas sale.
Vietnam's 5% broken rice was offered at $404 per metric ton, marking a 29-month low, versus $417 two weeks ago.
The markets were closed last week due to Lunar New Year holidays, according to the Vietnam Food Association.
"Trading activity remains weak after the holidays," a trader based in Ho Chi Minh City said.
Government data on Thursday showed Vietnam exported 527,000 tons of rice in January, up 6.5% from a year earlier.
Rice export revenue in January fell 5.6% to $325 million, the government's General Statistics Office said in a report.
Thailand's 5% broken rice slipped to $415 to $420 per tonne from a range of $450 to $455 last week.
The fall was due to a drop in internal prices and baht appreciation, said a Bangkok-based trader.
Demand has been quiet as buyers like Indonesia and the Philippines delay purchases, with Vietnam and Thailand's upcoming crop, buyers are delaying decisions to see price trends.
Bangladesh, meanwhile, is considering lifting the ban on aromatic rice exports to boost revenue and respond to the ongoing requests from the business community to stimulate trade and increase export earnings, officials said. - Reuters
