Trade Trends News
-Prices of about 500,000 tons of rice in Vietnam renegotiated
-Buyers pay $30-80/ton more for Vietnamese fragrant rice
-Price hikes threaten consumers with higher food prices
Vietnamese exporters have renegotiated to raise prices for about 500,000 tons of rice as global prices climbed to a 15-year high following India's ban on overseas sales last month, two trade sources said.
It was the first confirmation of a rise in rice prices after India's surprise ban, with importers paying higher prices for one of the world's most widely consumed staples amid tight supplies.
Asian rice exporters have raised their offers by about 20 percent since India banned non-basmati white rice exports last month, increasing the risk of food inflation for some of the most vulnerable consumers in Asia and Africa, who are already struggling with erratic weather and dwindling supplies. Ukraine war.
A trader at an international trading company said, "Buyers have agreed to pay higher prices for some of the goods they purchased for August shipments." About 200,000 tons of rice have been shipped this month, while 300,000 tons are yet to be loaded at Vietnamese ports, he added.
Singaporean traders said importers, including Indonesia and the Philippines, had signed up for Vietnamese fragrant rice at about $550 a tonne for about $30 to $80 a tonne before India banned white rice exports in July.
This has generated about $15 million to $40 million in additional revenue for sellers compared to the prices agreed before India imposed the restrictions.
The export ban by India, which accounts for 40 percent of the world's rice supply, resulted in 10 million tons of reduced supply on the international market.
"The renegotiation is mainly for non-basmati white rice," said a Mumbai-based distributor for a global trading company.
"Both buyers and sellers have absorbed some of the price increase due to higher local rice prices. Sellers have not increased prices to match current market prices."
Fragrant rice from Vietnam was quoted at as much as $700 a tonne, but prices were renegotiated to around $580-630 a tonne, traders said.
Thailand's 5 percent broken rice was offered at $650-655 a ton, while a similar variety from Vietnam was offered at $620-630 a ton.
Prior to India's decision to restrict exports in July, Thai rice was quoted at $545 per ton and Vietnamese rice at $515-525 per ton.
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