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New supplies in April awaited - Thai trader
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Buyers comfortable with the price rise in India - trader
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Vietnam to export 6 mln tonnes despite low domestic
inventory
By Seher Dareen Feb 16 (Reuters) - Thai rice export prices dropped this week to their lowest levels in more than one month due to a softer baht and demand, while Indian rates held firm near their highest in about two years on strong buying. Thailand's 5% broken rice prices were quoted at $460 - $465 per tonne, down from last week's $480 - $490. "The baht is weaker and has lowered the price of rice. Demand has been quiet and there has not been a big lot order," said a Bangkok-based trader. Demand is still quiet and will have to wait until a new lot of supply in April, said another trader. Top exporter India's 5% broken parboiled variety was quoted at $395 to $402 per tonne this week, unchanged from last week. "Buyers were making purchases despite the recent rise in prices. They are comfortable with the price rise," said a Mumbai-based dealer with a global trade house. India's rice exports in 2022 jumped to a record high despite the government's curbs on overseas sale, as buyers continued to make purchases because of competitive prices, according to government and industry officials. Vietnam's 5% broken rice were offered at $455-$460 per tonne on Thursday, unchanged from a week ago. "Prices are expected to stay at elevated levels as many countries are buying to boost their national reserves, including China and Indonesia," a trader based in Ho Chi Minh City said. Traders forecast this year's exports to be over 6 million tonnes, adding that domestic inventory levels are low.
Meanwhile, domestic rice prices in Bangladesh stay high despite good crops and reserves, traders said. The government has also been importing rice while private traders have been allowed to buy in an effort to cool prices. (Reporting by Rajendra Jadhav in Mumbai, Khanh Vu in Hanoi, Panu Wongcha-um in Bangkok, Ruma Paul in Dhaka; Editing by Sherry Jacob-Phillips)
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