Vietnamese rice prices rose this week as buyers in the Philippines stockpiled ahead of an import suspension deadline, while Indian rates held steady near a three-year low.
Vietnam’s 5% broken rice RI-VNBKN5-P1 was offered at $395 a metric ton on Thursday, up from $391 a week ago.
Traders said buyers from the Philippines are rushing to make purchases before the country suspends rice imports for 60 days starting September 1, as the government seeks to protect local farmers affected by falling prices during the harvest season.
READ: Vietnam food association urges trade ministry to challenge Philippine rice import suspension | Philippines to suspend rice imports for 60 days from September
Traders also said that Vietnam’s domestic supplies were running low as the summer-autumn harvest ends.
India’s 5% broken parboiled variety RI-INBKN5-P1 was quoted at $369 to $374 a ton, unchanged from the previous week when it hit its lowest level since August 2022, while Indian 5% broken white rice was priced at $360 to $368 a ton this week.
“The weather is largely conducive for paddy crop, this year’s production is expected to be even higher than last year’s record harvest,” said a Mumbai-based dealer.
Thailand’s 5% broken rice RI-THBKN5-P1 tumbled to $355 to $360 a ton, down from last week’s price of $370 on weakening demand, traders said.
Domestic and overseas demand has been very quiet, with buyers anticipating increased supply in the market, which could drive prices even lower, another Thai trader said.
Meanwhile in Bangladesh, prices continue to remain high despite renewed imports and record harvests since November last year, which pushed reserves to nearly 2 million tons by July.
Data from the Trading Corporation of Bangladesh showed prices remained 15 to 20% higher compared with the previous year.
—Reporting by Ishaan Arora in Bengaluru, Rajendra Jadhav in Mumbai, Chayut Setboonsarng in Bangkok, and Khanh Vu in Hanoi and Ruma Paul in Dhaka; Editing by Rachna Uppal
