Buyers await lift on India's rice export curbs; floods threaten Vietnam supply
India to produce more rice this year- minister
Some buyers are complaining about high prices- Vietnam trader
Bangladesh plans to import 200,000 tonnes of rice
Thai traders await upcoming auction in Indonesia
By Anushree Mukherjee
Sept 19 (Reuters) -Vietnam rice export prices climbed on supply concerns sparked by floods in several regions, while buyers delayed purchases from top exporter India, anticipating eased restrictions on non-basmati rice exports.
Top exporter India's 5% broken parboiled variety RI-INBKN5-P1 was quoted at $528-$534 per ton this week, unchanged from the last week when prices were at their lowest since mid-January.
Buyers are postponing purchases, hoping that India will reduce the export tax on non-basmati rice, said a New Delhi based trader.
The move comes as inventories surge and farmers are set to harvest a new crop in the coming weeks.
India's rice production this year will be higher than last year despite heavy rains and flooding in some states, Agricultural Minister Shivraj Singh Chouhan said on Thursday.
Vietnam's 5% broken rice RI-VNBKN5-P1 was offered at $575-$580 per ton on Thursday, its highest level since late August and up from $567 a week ago.
"Prices rose after floods have hit several areas in Vietnam," a trader based in Ho Chi Minh City said. "Several rice shipments have been sent to flood-hit areas, mostly in northern Vietnam."
The trader said trading activity is weak and some buyers are complaining about high prices.
Meanwhile, Bangladesh plans to import 200,000 tonnes of rice in the current fiscal year that will end in June 2025, officials said.
"While the rice and wheat are not urgently needed, the government is taking steps to bolster its reserves and be prepared for any future demand," Salehuddin Ahmed, Finance Adviser to the interim government told reporters.
In Thailand, the 5% broken rice RI-THBKN5-P1 was quoted in $562-$565 per tonne range this week, up slightly from last week's $550-$565, with traders attributing the increase to the strong baht.
Demand was holding steady with some coming in from Indonesia, said a Bangkok-based trader, and that supply was coming in gradually.
Another trader said domestic prices were slightly volatile, adding that there is an upcoming auction in Indonesia.
Reporting by Anushree Mukherjee and Swati Verma in Bengaluru, Rajendra Jadhav in Mumbai, Chayut Setboonsarng in Bangkok, Khanh Vu in Hanoi and Ruma Paul in Bangladesh; Editing by Shailesh Kuber
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