Prices of parboiled rice exported from top hub India extended their rally this week, rising for a fourth consecutive week to a record high as supplies remained limited.

Top exporter India’s 5% broken parboiled variety was quoted at a record $542-$550 per ton this week, up from last week’s $537-$546.

“The milling of new season’s paddy is going on, but supplies are limited due to government purchases, which are keeping local prices firm,” said a Kolkata-based exporter.

Pakistan’s rice exports are likely to jump to a record high in the year ending June as rival India’s decision to curb shipments forces buyers to turn to Islamabad, which is selling the grain at nearly 16-year high prices.

Thailand’s 5% broken rice prices were quoted at $630 per ton, down from last week’s $640 per tonne as market activity slowed.

There were no large orders coming in, said a Bangkok-based trader, adding shipments were fulfilling previous orders.

Asia rice: India rates extend rally on low supplies; Thai prices ease

Another trader attributed the price decline to a recent auction by Indonesia buyers that fetched low prices.

Vietnam’s 5% broken rice was offered at $635-$640 per metric ton on Wednesday, unchanged from a week ago.

“Trading activity is slow ahead of the week-long Lunar New Year holiday,” a trader based in Ho Chi Minh City said.

“Many rice processing plants have closed for the holiday and stopped buying paddy rice from farmers,” the trader added.

Vietnamese markets close from Thursday on the occasion of Lunar New Year and will reopen next week’s Thursday.