AGL 40.00 Decreased By ▼ -0.16 (-0.4%)
AIRLINK 129.53 Decreased By ▼ -2.20 (-1.67%)
BOP 6.68 Decreased By ▼ -0.01 (-0.15%)
CNERGY 4.63 Increased By ▲ 0.16 (3.58%)
DCL 8.94 Increased By ▲ 0.12 (1.36%)
DFML 41.69 Increased By ▲ 1.08 (2.66%)
DGKC 83.77 Decreased By ▼ -0.31 (-0.37%)
FCCL 32.77 Increased By ▲ 0.43 (1.33%)
FFBL 75.47 Increased By ▲ 6.86 (10%)
FFL 11.47 Increased By ▲ 0.12 (1.06%)
HUBC 110.55 Decreased By ▼ -1.21 (-1.08%)
HUMNL 14.56 Increased By ▲ 0.25 (1.75%)
KEL 5.39 Increased By ▲ 0.17 (3.26%)
KOSM 8.40 Decreased By ▼ -0.58 (-6.46%)
MLCF 39.79 Increased By ▲ 0.36 (0.91%)
NBP 60.29 No Change ▼ 0.00 (0%)
OGDC 199.66 Increased By ▲ 4.72 (2.42%)
PAEL 26.65 Decreased By ▼ -0.04 (-0.15%)
PIBTL 7.66 Increased By ▲ 0.18 (2.41%)
PPL 157.92 Increased By ▲ 2.15 (1.38%)
PRL 26.73 Increased By ▲ 0.05 (0.19%)
PTC 18.46 Increased By ▲ 0.16 (0.87%)
SEARL 82.44 Decreased By ▼ -0.58 (-0.7%)
TELE 8.31 Increased By ▲ 0.08 (0.97%)
TOMCL 34.51 Decreased By ▼ -0.04 (-0.12%)
TPLP 9.06 Increased By ▲ 0.25 (2.84%)
TREET 17.47 Increased By ▲ 0.77 (4.61%)
TRG 61.32 Decreased By ▼ -1.13 (-1.81%)
UNITY 27.43 Decreased By ▼ -0.01 (-0.04%)
WTL 1.38 Increased By ▲ 0.10 (7.81%)
BR100 10,407 Increased By 220 (2.16%)
BR30 31,713 Increased By 377.1 (1.2%)
KSE100 97,328 Increased By 1781.9 (1.86%)
KSE30 30,192 Increased By 614.4 (2.08%)

Prices of rice exported from Vietnam and Thailand soared to their highest in more than a decade this week, as India’s export curbs sparked worries about supply of the staple. India, which accounts for 40% of world rice exports, ordered a halt to its largest export category last week to calm domestic prices, which climbed to multi-year highs in recent weeks as erratic weather threatened production.

Vietnam’s 5% broken rice prices rose to $550-$575 per metric ton - their highest since 2011, from a range of $515-$525 a week ago. “Exporters are anticipating prices to increase further after India’s move to curb its exports, and therefore it is risky for them to sign new export contracts now,” a Ho Chi Minh City-based trader said. Thailand’s 5% broken rice prices surged to an 11-year peak at $605-$610 per metric ton versus last week’s price of $545.

“Exporters were shocked over the ban pushing prices up and also, there hasn’t been additional supply,” said a Bangkok-based trader. The ban on exports of non-basmati white rice pushed prices for India’s parboiled variety to their highest in 5-1/2 years, at $445-$450 per metric ton versus $421-$428 last week, even as demand was subdued.

India imposed the ban after retail rice prices climbed 3% in a month after late but heavy monsoon rains caused significant damage to crops. “Demand is dull due to duty uncertainty following the ban on white rice exports. Exporters are cautious and not selling,” said Himanshu Agarwal, executive director at Satyam Balajee, an exporter.

Neighbouring Bangladesh, which was also struggling to cool domestic prices of the staple in domestic markets, was not planning to import the grain because of good yield and reserves, a senior official at the Food Ministry said.

Comments

Comments are closed.