Rates ease as India likely to relax export curbs
Thai rates fall to lowest levels since November 2023
India likely to cut floor price for basmati exports - sources
Vietnam rates unchanged, near 1-year low
Rain impacted quality of new rice - trader
By Daksh Grover
July 18 (Reuters) -Indian rice export prices fell further this week on expectations that New Delhi might ease export restrictions following a record surge in stocks, while Thai rates dipped to an 8-month low on softer demand and increased supply.
Top exporter India's 5% broken parboiled variety RI-INBKN5-P1 was quoted at $537-$543 per ton this week, down from last week's $539-$545 range.
"Buyers are delaying purchases due to ... higher freight rates and expectation that India might lift some restrictions on rice exports, which is expected to bring down prices globally," said a Kakinada-based exporter in India's Andhra Pradesh state.
India is likely to cut the floor price for basmati rice exports and replace the 20% export tax on parboiled rice with a fixed duty on overseas shipments, government sources said, as rice inventories in the country jumped a record high.
The country imposed various curbs on exports in 2023 and continued them in 2024 in an effort to keep local prices in check ahead of the general elections held in April-May.
In Thailand, prices for 5% broken rice RI-THBKN5-P1 were quoted at $570 per ton on Thursday, their lowest level since early November 2023, versus a range of $570-$575 last week.
Demand been quiet this week, a Bangkok-based trader said, adding that new supply was coming and yields could be good this year due to good water.
Although there was a reduction in Philippine import tax there were no big orders from there and other regular customers such as Indonesia, another trader said, adding that markets were waiting for new supply next month.
Vietnam's 5% broken rice rates RI-VNBKN5-P1 were offered at $565-$570 per ton on Thursday, unchanged from last week, when prices were near one-year lows.
"Activities were slow this week due to low supplies as rains have deteriorated quality of new rice," a trader based in Mekong Delta said.
Reporting by Daksh Grover in Bengaluru, Rajendra Jadhav in Mumbai, Chayut Setboonsarng in Bangkok and Phuong Nguyen in Hanoi; Additional reporting by Swati Verma; Editing by Shounak Dasgupta
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