Wait...
  1. Home >
  2. Export Import News >
  3. Export News >
  4. India rice prices hit multi-month lows as buyers defer purchases >
  5. India rice prices hit multi-month lows as buyers defer purchases

Online Export Import Data Search

Recent Searches: No Recent Searches
Complete Training Video : Click Here

India rice prices hit multi-month lows as buyers defer purchases.


Date: 18-10-2019
Subject: India rice prices hit multi-month lows as buyers defer purchases
Demand for rice from top exporter India was subdued as buyers delayed purchases despite a dip in prices to four-month lows this week, while restricted supply kept rates for the Vietnamese variety at their highest in two months.

Prices for India's 5 percent broken parboiled variety fell to $365-$370 per tonne from $368-$372 a week ago.

"Asian and African buyers are not in a hurry. They are postponing buying anticipating a further fall in prices," said an exporter based at Kakinada in the southern state of Andhra Pradesh.

India's rice exports in August fell 29% year-on-year to 644,249 tonnes due to weak demand from African countries for non-basmati rice, among other factors. Its rice production from the summer-sown crop in 2019 is expected to drop 1.7% from a year ago to 100.35 million tonnes.

"Demand is weak, but low supplies have helped keep prices from falling," a trader based in the Mekong Delta province of An Giang said.

However, there were concerns that a move by the Philippines -- Vietnam's largest rice export market accounting for 36% of total shipments -- to reduce imports could further hit the Vietnamese market, another trader in Ho Chi Minh city said.

Sluggish demand pushed export prices for Vietnamese rice to their lowest in nearly 12 years, at $325 per tonne, in September.

A global economic slowdown has also been one of the factors weighing on demand, Vietnam's Deputy Minister of Agriculture and Rural Development Phung Duc Tien told reporters this week.

In second biggest exporter Thailand, which has also been grappling with slow demand and a strong baht, benchmark 5-percent broken rice prices narrowed to $395-$400 a tonne on Thursday from $396-$400 last week.

"Demand has been very small because of our high prices and little else has changed," a Bangkok-based trader said.

Prices for the Thai variety have remained higher than competitors due to the firm currency.

"The continued strength of the baht has prevented exporters quoting lower prices as the market anticipates further strengthening of the currency," another trader said.

Meanwhile, farmers in Bangladesh, who have been struggling with low prices and high harvesting costs, will receive a subsidy of 30 billion taka ($354 million) to buy modern agro-tools in an effort to minimise production costs and boost domestic output, Agriculture Minister Abdur Razzaque said.

Dhaka has failed to clinch overseas deals for its rice since a long-standing export ban was lifted in May, losing out to cheaper grain from India and Thailand.

Source: moneycontrol.com

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Both
 Buyers
 Suppliers
 Both
OR
 Exim Help
+


What is New?

Date: 20-11-2019
PUBLIC NOTICE NO. 44/2015-2020
Enlistment under Appendix 2E to issue Certificate of Origin (Non-Preferential) and change of name from FTAPCCI to FTCCI -reg.

Date: 19-11-2019
Trade Notice No, 39/2019-20
Incorrect Data in certain lECs - corrective action required from exporters

Date: 15-11-2019
Notification No. 82/2019-CUSTOMS (N.T.)
Amendment to All Industry Rates of duty drawback effective from 16.11.2019

Date: 15-11-2019
Notification No.83/2019-Customs (N.T.)
Exercise of powers of Commissioner of Customs (Appeals), Delhi in certain cases by Commissioner of Customs (Audit), Delhi

Date: 15-11-2019
Notification No. 84/2019-CUSTOMS (N.T.)
Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver -Reg

Date: 14-11-2019
Notification No. 52/2019 – Central Tax
Seeks to extend the due date for furnishing FORM GSTR-1 for registered persons in Jammu and Kashmir having aggregate turnover of up to 1.5 crore rupees for the quarter July, 2019 to September, 2019

Date: 14-11-2019
Notification No. 53/2019 – Central Tax
Seeks to extend the due date for furnishing of return in FORM GSTR-1 for registered persons in Jammu and Kashmir having aggregate turnover more than 1.5 crore rupees for the months of July, 2019 to September, 2019

Date: 14-11-2019
Notification No. 54/2019 – Central Tax
Seeks to extend the due date for furnishing of return in FORM GSTR-3B for registered persons in Jammu and Kashmir for the months of July, 2019 to September, 2019

Date: 14-11-2019
Notification No. 55/2019 – Central Tax
Seeks to extend the due date for furnishing of return in FORM GSTR-7 for registered persons in Jammu and Kashmir for the months of July, 2019 to September, 2019

Date: 14-11-2019
Notification No. 56/2019 – Central Tax
Seeks to carry out Seventh amendment (2019) in the CGST Rules, 2017. [Primarily related to Simplification of the Annual Return / Reconciliation Statement]



Exim Guru Copyright © 1999-2019 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.

EximGuru.com

C/o Infodrive India
E-2, 3rd Floor, Kalkaji Main Road
New Delhi - 110019, India
Phone : 011 - 40703001