Vietnam's rice production ensures sufficient supply for domestic consumption and export.
Meanwhile, in Thailand, the past week has seen many fluctuations due to the peak rice harvest, with a large supply causing domestic prices to drop sharply. Both sellers and buyers have slowed down their transactions accordingly. However, the export price of 5% broken rice from Thailand remains at 575 USD/ton. According to some traders, rice importers will soon return to the market as the peak rice season is about to end and the Indonesian National Logistics Agency (Bulog) is likely to continue to open tenders for rice imports in April 2024.
In the Pakistani market, domestic rice prices remained stable and domestic raw material demand increased as traders prepared to deliver Bulog orders. Pakistan’s 5% broken rice export price is currently higher than Vietnam and Thailand, reaching $587/ton.
Previously, on March 4, 2024, Bulog issued a notice to open a new import tender, seeking supplies in the Asian region for 300,000 tons of 5% broken white rice. It is expected that many Pakistani traders will participate in this tender, which is also the reason for keeping Pakistani rice prices stable. However, the current offer prices for Vietnamese and Thai rice are low due to the peak harvest season, so the market believes that Pakistan does not have much advantage in this tender due to its uncompetitive prices.
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