India rice rates slip; tough Chinese rules dent Vietnam exports

India’s 5 percent broken parboiled variety was quoted around $364-$368 per tonne this week, from $366-$370 the last week. “Prices are down as traders are adjusting to the drop in the rupee. Demand is still weak,” said an exporter based at Kakinada in the southern state of Andhra Pradesh. The Indian rupee fell nearly 1 percent on Thursday to the lowest level in two weeks, increasing exporters margin from the overseas sales. In an attempt to accelerate exports, the Indian government last month said it will give a 5 percent subsidy for non-basmati rice shipments for the four months to March 25, 2019. In neighbouring Bangladesh, rice imports in July-November stood at 106,640 tonnes, the country’s food ministry data showed, after the government imposed a 28 percent tax on shipments to support its farmers after local production revived. Meanwhile, in Vietnam, rates for 5 percent broken rice dipped to $400 a tonne from $408 last week as exports to China fell on stricter inspections and conditions on Vietnamese rice, traders said. “Exports to China are almost frozen, no one dares to buy or sell. Some people who had their rice ready at the port now have to take them back… Read full this story

India rice rates slip; tough Chinese rules dent Vietnam exports have 268 words, post on e.vnexpress.net at December 6, 2018. This is cached page on NGHONG. If you want remove this page, please contact us.