| HANOI/MUMBAI/BANGKOK, April 13
HANOI/MUMBAI/BANGKOK, April 13 Rice export
prices extended its upward trend in India on a stronger rupee,
while Vietnam rates were stable amid a subtle market on low
demand, traders said on Thursday.
India's 5 percent broken parboiled rice
prices RI-INBKN5-P1 rose by $7 per tonne to between $382 and
$387 a tonne this week, as gains in the rupee forced exporters
to raise prices despite sluggish demand.
"Export demand is very weak, but we have to raise prices to
offset the impact of a strong rupee," said an exporter based at
Kakinada in the southern state of Andhra Pradesh.
The rupee has risen 5.6 percent so far this year, and is
trading near its highest level in 20 months. A strong rupee
trims returns of exporters.
"In local market, paddy supplies are falling from
summer-sown crop. In the next few weeks, winter crop will start
arriving and local prices may soften," said a Mumbai-based
dealer with a global trading firm.
India, the world's biggest rice exporter, mainly exports
non-basmati rice to African countries and premier basmati rice
to the Middle East. Its rice output could rise by 4.3 percent to
a record high of 108.86 million tonnes in 2016/17.
Meanwhile in Vietnam, the world's third-largest rice
exporter, market was quiet on low demand and unattractive rice
prices amid worries over rainfall affecting grain quality.
"Abnormal rain in some harvesting areas has affected rice
quality, but not too seriously," said a Ho Chi Minh-based
Prices of the 5 percent broken rice RI-VNBKN5-P1 stayed
nearly unchanged at $350-$355 a tonne free-on-board (FOB)
Saigon, which was less competitive than Thai prices, traders
Vietnam's rice exports are expected to plunge 23.9 percent
annually to 1.19 million tonnes in the first quarter, after the
grain shipments dropped 26.5 percent in 2016 due to lower output
caused by climate changes, the government said.
Thai benchmark 5-percent broken rice RI-THBKN5-P1 was
quoted at $350-$365 a tonne free-on-board (FOB) Bangkok on
Thai's rice market is closed for a national holiday on
(Reporting by My Pham in Hanoi and Rajendra Jadhav in MUMBAI;
Additional reporting by Patpicha Tanakasempipat in BANGKOK;
Editing by Sherry Jacob-Phillips)