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Indian rice prices up 10% in global market, affect export demand.
Jul 14, 2023

Prices of Indian rice have increased by nearly 10 per cent over the past couple of weeks in the global market, but still they continue to be competitive as prices of the cereal from other origins have also gone up. However, the high prices have dried up export demand.

'Indian rice prices have gone up by 5-10 per cent recently but this is the usual case with it during the lean season from July-September,' said BV Krishna Rao, President, The Rice Exporters Association of India (TREA).

Prices of parboiled rice, in demand from Vietnam and African countries, have increased from the levels of $380-390 a tonne to $430, he said.

Business dull

Traders said a major reason for the increase in rice prices is that paddy is being quoted higher or reports of its non-availability.

'There seems to be a shortage of paddy, particularly in the south pushing up prices. There is still no parity in paddy rates compared with rice,' said S Chandrasekaran, a Delhi-based trade analyst.

'Last week, we bought rice, ex-mill, at Rs.29,000 a tonne, but now it is quoted at Rs.30,500,' said VR Vidya Sagar, Director, Bulk Logix. Prices of 5 per cent white rice have increased by at least $25 a tonne to levels of $490.

'No business is happening as buyers are of the view that prices are high. There are enquiries only for cheap rice from Singapore and East Timor,' said M Madan Prakash, President, Agricultural Commodities Exporters Association (ACEA).

A trader from North India said paddy prices were shooting up every day, particularly in States such as Chhattisgarh — a phenomenon not seen in the past few years. 'The volume of paddy available is also less,' he said. Shortage of paddy is being reported from centres such as Thoothukudi in Tamil Nadu.

thehindubusinessline.com

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