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Thai prices hit more than 1-year low, India rates rise on strong rupee



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Repeats Sept. 26 story with no changes to text

Thai prices hit lowest level since July 20, 2023

Buyers delay purchases, hoping India may cut export duties - Indian trader

Bangladesh prices rise due to early-month flood disruptions

Vietnam prices hit a more-than-one-month low

By Sherin Elizabeth Varghese

Sept 26 (Reuters) -Thai rice export prices fell to a more-than-one-year low this week pressured by quiet demand and competition from cheaper rivals, while India prices edged higher on a stronger rupee, despite sluggish demand from Asian and African buyers.

Thailand's 5% broken rice RI-THBKN5-P1 was quoted at $550-$560 per ton, the lowest level since July 20, 2023 and down from $562-$565 last week.

There was demand coming from Indonesia, but competitors were buying rice from other exporters atlower prices, said a Bangkok-based trader, adding that depreciation in the Thai baht would help soften prices.

Commerce Minister Pichai Naripthaphan said the impact of the baht's rally on exports would be felt in the next three months, especially in agriculture goods.

Another trader said the market was waiting to see changes in India rice policy in the coming months and that supply was in the harvesting stages.

Top exporter India's 5% broken parboiled variety RI-INBKN5-P1 was quoted at $530-$536 per ton this week, up from the last week’s $528-$534, the lowest since the mid-January.

"The strong rupee is driving up prices, but demand is still sluggish. Buyers are holding off on purchases, hoping India will cut export duties," said a Mumbai-based trader.

Vietnam's 5% broken rice RI-VNBKN5-P1 was offered at $565 per metric ton on Thursday, according to the Vietnam Food Association. Traders said last week prices were $575-$580 per ton.

"Prices fell on competition from other suppliers such as Thailand, Cambodia and Myanmar," a trader based in Ho Chi Minh City said.

Traders said a Vietnamese exporter secured contracts to export 59,000 tons of rice, part of Indonesian state purchasing agency Bulog’s international tender to buy about 450,000 tons of rice, after the exporter accepted a lower price.

Vietnam’s rice exports in the year to mid-September rose 6.2% from a year earlier to 6.5 million tons, according to the government’s customs data.

Meanwhile, domestic rice prices in Bangladesh have risen again this week, with some traders attributing the increase to supply disruptions caused by the floods early this month.



Reporting by Sherin Elizabeth Varghese in Bengaluru, Rajendra Jadhav in Mumbai, Chayut Setboonsarng in Bangkok, Khanh Vu in Hanoi and Ruma Paul in Bangladesh; additional reporting by Swati Verma; Editing by Janane Venkatraman

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