Login ID:
Password:
Partner Login
Contact Us : 7066511911

Export Rice Prices Steady in India Despite Volatile Rupee, Bangladesh Mulls Another Import Duty Cut

5 Mar 2021 7:15 am
 Comments 0 Comments  |  Comments Post Comment  |  Font Size A A A 


Mumbai (Commodities Control) – Rice export rates held steady in most Asian hubs this week as news supply from fresh harvests trickled in, while Bangladesh mulled another cut to import duties to bolster dwindling domestic reserves.

Prices for India's 5 percent broken parboiled variety were steady at $393-$399 per tonne amid rising supplies from the new season crop.

"Rupee has been quite volatile in the last few days. We are keeping prices steady, but we have to raise if the rupee appreciates further," said an exporter based at Kakinada in the southern state of Andhra Pradesh.

Shipments from India have gained momentum as the state of Andhra Pradesh has started using a deepwater port to export rice for the first time in decades.

Thailand's benchmark 5% broken rice prices widened slightly to $515-$560 per tonne, from $520-$560 last week.

Muted demand, optimism over a new off-season harvest and the weakening of the baht against the U.S. dollar, have pressured prices, Bangkok-based traders said.

Vietnam's 5% broken rice rates were unchanged from last week at $505-$510 per tonne.

Meanwhile, domestic rice prices are edging down on rising supplies from the main harvest in the Mekong Delta, traders said.

Vietnam's rice shipments in the January-February period are forecast to drop 31.4% from a year earlier to 638,000 tonnes.

Bangladesh is considering further slashing duty on rice imports in an effort to bolster reserves and cool record local prices, a food ministry official said.This would follow a cut to 25% from 62.5% in late December.

Bangladesh, traditionally the world's third-biggest rice producer, has emerged as a big importer lately due to depleted stocks and record prices after repeated flooding ravaged its crop.



       
  Rate this story 1 out of 52 out of 53 out of 54 out of 55 out of 5 Rated
0.0

   Post comment
Comment :

Note : This forum is moderated. We reserve the right to not publish and/or edit the comment on the site, if the comment is offensive, contains inappropriate data or violates our editorial policy.
Name :  
Email :  
   

Top | Post Comment  

Latest Market Commentary
Indian Rice Export Rates Dip, Vietnam Prices Touch 5 – ...
FranceAgriMer Raises 2020/21 Wheat Export forecast, kee...
Punjab wheat procurement 1.78 Lacs MT on third day
IKAR Raises Forecast for Russia's 2021 Wheat Crop
China's Wheat Sale from State Reserves Fall after Gover...
more
Top 5 News
Ukraine Sunoil Output & Export Set to Rise Over 16% in ...
Gujarat Sugar Mill Prices –17 april 2021
Maharashtra Sugar Mill Prices – 17 FEB 2021
Tamil Nadu Sugar Mill Prices –17 APRIL 2021
Uttar Pradesh Sugar Mill Prices -17 APRIL2021
Top 5 Special Reports
Crisis in Mozambique Could Mean Trouble for India's Foo...
Cotton Yarn Prices to Resume Northward Rally; Expanding...
Weekly: Most Pulses Rise Over the Week Amid Mill Purcha...
Weekly: NY Cotton Gains For the First Time in Seven We...
Weekly: NY Sugar Ends Positive on Brazil Weather Concer...
Copyright © CC Commodity Info Services LLP. All rights reserved.