MUMBAI/HANOI/ BANGKOK/DHAKA: Prices of rice exported from Vietnam rose for a third consecutive week to a near 16-month high on robust demand, while a weaker rupee weighed on rates for the staple from top exporter India.
Vietnam’s 5% broken rice was offered at $445-$450 per tonne free-on-board, its highest since July 2021 and up from $440-$445 a week ago.
“Demand for Vietnamese rice remains strong,” said a trader based in Ho Chi Minh City.
However, traders also said some Chinese buyers have switched to cheaper rice from Pakistan and India instead of Vietnam and Thailand. For November, the country’s rice exports fell 21.4% from the previous month, government customs data showed.
Thailand’s 5% broken rice prices rose for a sixth consecutive week to $444 per tonne on Thursday, from $427–$440 per tonne last week. Traders attributed the gains to fluctuations in the domestic currency, despite slowing demand. “Exporters are easing buying due to the high prices,” so demand has reduced, a Bangkok-based trader said.
The supply situation, meanwhile, remained unchanged as new rice continued to enter the market.
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