Asian prices plunge as India eases export curbs
Repeats Oct. 3 story with no changes to text
Indian prices near 11-month low on duty cut
Thai prices hit lowest level since June 2023
Vietnam prices hit lowest in over a year
Bangladesh prices stay elevated, fresh flooding in north
By Sherin Elizabeth Varghese and Rajendra Jadhav
Oct 3 (Reuters) - Rice export prices in Asia dropped sharply this week after India, the world's largest exporter of the staple, eased restrictions on exports, increasing competition in the region.
India on Saturday allowed exports of non-basmati white rice , a day after cutting export duty on parboiled rice to 10% from 20%.
"India's decision suddenly increased supplies. It is giving buyers a breather to slow down and rethink the whole demand and supply situation," said a Singapore based dealer.
India's 5% broken parboiled variety RI-INBKN5-P1 was quoted at $494-$498 per ton this week, the lowest since Nov. 9, 2023. Last week, traders were offering rice between $528-$534.
"Prices have dropped a lot thanks to the duty cut, but buyers are still holding off, waiting for things to calm down in the market," said B.V. Krishna Rao, president of the Rice Exporters' Association.
Indian 5% broken white rice was quoted $490 to $495 per ton this week.
Thailand's 5% broken rice RI-THBKN5-P1 tumbled to $510-$515 per ton from last week's $550-$560, its lowest since June 2023, due to fluctuations in the baht and India lifting its export ban.
"The price dropped very suddenly" a Bangkok-based trader said, as buyers waited for exporters to lower prices after India lifted its export ban, adding that domestic prices remained stable with strong supply expected due to good water levels.
Prices reached as low as $500 earlier in the week as demand slowed, said another trader.
Vietnam's 5% broken rice RI-VNBKN5-P1 was offered at $552 per ton on Thursday, compared to $565 a week ago, according to the Vietnam Food Association. Prices hit their lowest in over a year.
"Prices fell after India relaxed its restrictions on rice exports, boosting supplies in the international market," a trader based in Ho Chi Minh City said.
"This could pose a challenge for Vietnam to reach its target of exporting around 8 million tons of rice this year," the trader said.
Meanwhile, rice prices in Bangladesh remain elevated, with fresh flooding in the north region threatening crop damage.
Reporting by Sherin Elizabeth Varghese in Bengaluru, Rajendra Jadhav in Mumbai, Chayut Setboonsarng in Bangkok, Khanh Vu in Hanoi and Ruma Paul in Bangladesh; Editing by Varun H K
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