India rates fall on muted demand, prospects of higher supply
Repeats story published on Thursday with no changes to text
Vietnam's rice exports in July rose 46.3% m/m
India rates at $536-$540 vs last week's $539-$545
Thai rates at $567 vs $565 last week
Domestic rice prices in Bangladesh stay elevated
By Ashitha Shivaprasad
Aug 15 (Reuters) -Indian rice export prices declined furtherthis week due to subdued demand and expectations of higher production in the new season as cultivation areas expanded.
Top exporter India's 5% broken parboiled variety RI-INBKN5-P1 was quoted at $536-$540 per metric ton, down from last week's $539-$545.
“India’s discount to Thailand and Vietnam's prices has narrowed, leading to lower exports,” said a New Delhi-based dealer with a global trade house.
Indian rupee INR=IN this week depreciated to a record low, increasing exporters' return from overseas sales.
Vietnam's 5% broken rice RI-VNBKN5-P1 was offered at $570 per ton, up from $565 a week ago, traders said.
“Domestic supplies are low, while exporters are increasing their deliveries to Indonesia and Africa,” a trader based in Ho Chi Minh City said.
Vietnam's rice exports in July rose 46.3% from the previous month to 751,093 metric tons, according to the government's customs data. This raised its total shipments in the first seven months of this year to 5.3 million tons, up 8.3% from a year earlier.
Thailand's 5% broken rice RI-THBKN5-P1 was quoted at $567 per tonne, up slightly from last week's $565.
Demand was coming from regular customers and market activity has been quiet, a Bangkok-based trader said, adding that supply had been coming out steadily and prices could fall if supply increased further.
Domestic rice prices in Bangladesh stayed elevated despite good inventory.
Reporting by Ashitha Shivaprasad in Bengaluru, Rajendra Jadhav in Mumbai, Chayut Setboonsarng in Bangkok, Khanh Vu in Hanoi and Ruma Paul in Bangladesh; Editing by Eileen Soreng
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