Asia Rice-Prices rise in India, stable in Vietnam
Friday, April 14,2017AsemconnectVietnam - Rice export prices extended its upward trend in India on a stronger rupee, while Vietnam rates were stable amid a subtle market on low demand, traders said on Thursday.
India's 5 percent broken parboiled rice prices RI-INBKN5-P1 rose by $7 per tonne to between $382 and $387 a tonne this week, as gains in the rupee forced exporters to raise prices despite sluggish demand.
"Export demand is very weak, but we have to raise prices to offset the impact of a strong rupee," said an exporter based at Kakinada in the southern state of Andhra Pradesh.
The rupee has risen 5.6 percent so far this year, and is trading near its highest level in 20 months. A strong rupee trims returns of exporters.
"In local market, paddy supplies are falling from summer-sown crop. In the next few weeks, winter crop will start arriving and local prices may soften," said a Mumbai-based dealer with a global trading firm.
India, the world's biggest rice exporter, mainly exports non-basmati rice to African countries and premier basmati rice to the Middle East. Its rice output could rise by 4.3 percent to a record high of 108.86 million tonnes in 2016/17.
Meanwhile in Vietnam, the world's third-largest rice exporter, market was quiet on low demand and unattractive rice prices amid worries over rainfall affecting grain quality.
"Abnormal rain in some harvesting areas has affected rice quality, but not too seriously," said a Ho Chi Minh-based trader.
Prices of the 5 percent broken rice RI-VNBKN5-P1 stayed nearly unchanged at $350-$355 a tonne free-on-board (FOB) Saigon, which was less competitive than Thai prices, traders said.
Vietnam's rice exports are expected to plunge 23.9 percent annually to 1.19 million tonnes in the first quarter, after the grain shipments dropped 26.5 percent in 2016 due to lower output caused by climate changes, the government said.
Thai benchmark 5-percent broken rice RI-THBKN5-P1 was quoted at $350-$365 a tonne free-on-board (FOB) Bangkok on Wednesday.
Source: Reuters.com
Vietnam gets green light to export fresh husked coconut to US
Scenario for seafood exports in last months of 2023
Reference exchange rate up 11 VND on August 11
First Vietnam Int'l Logistics Exhibition kicks off
Workshop looks to assist enterprises export via e-commerce
DAILY: Vietnamese pepper prices remained unchanged on August 11
DAILY: Vietnamese coffee prices decreased by 200 VND on August 11
Exports reached over 30 billion USD/month for first time in 2023
Smart border gate promotes Vietnam-China economic ties
Vietnam steel market update: Vietnam preparing AD sunset review on cold-rolled stainless steel from 4 countries
DAILY: Vietnamese pepper prices remained unchanged on August 10
DAILY: Vietnamese coffee prices decreased by 200 VND on August 10
Reference exchange rate down 5 VND on August 10
Việt Nam, Indonesia to raise trade to $15b by 2028: Leaders
Plan on implementing national strategy on climate change ...
Actively and effectively adapting, reducing vulnerability, loss and damage due to climate change; reduce greenhouse gas emissions ...Scheme on attracting, restructuring and improving quality ...
Urban development plan of Binh Phuoc province in a period ...
Plan on implementing Decision No. 327/QD-TTG dated March ...
Hung Kings Temple Festival 2023 kicks off
The Hung Kings Temple Festival 2023 and the Culture and Tourism Week of Ancestral Land 2023 kicked off in the northern province of Phu Tho ...Vietnam trounce Palestine at AFC U-17 Women's Asian ...
Phu Tho: Festival honours UNESCO intangible cultural ...
Saigontourist Group Food and Culture Festival 2023 opens
Vietnam’s top swimmer Huy Hoang to hold Vietnamese flag at ...