MUMBAI: Rice export prices in India held near their lowest level in more than a year amid a slight improvement in demand, while Thailand rates rose as the Southeast Asian country sees consistent demand from its customers.

Top exporter India’s 5% broken parboiled variety was quoted at $490-$495 per ton this week, unchanged from last week when it hit its lowest since Aug. 24, 2023.

The country’s 5% broken white rice variety was quoted between $490 to $495 per ton this week.

Buyers are becoming comfortable with prices, which have stabilised after a significant drop following the government’s move to cut export duty, a Kolkata-based exporter said.

India last month cut export duty on parboiled rice to 10% and allowed exports of non-basmati white rice at a floor price of $490 per metric ton.

Thailand’s 5% broken rice rose to $525 a tonne from last week’s price of $510 due to domestic activity.

Foreign demand was coming in steadily from the same customers like Indonesia and Philippines, said a Bangkok-based trader, adding that supply has already been harvested.

There could be more demand from Indonesia for the rest of the year, another trader said.

Vietnam’s 5% broken rice was offered at $537 per ton on Thursday, lower than $538 a week ago, according to the Vietnam Food Association. Prices are at their lowest since July 2023.