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Thai Rice Prices Firm Following Iran Purchase Of 60,000 MT
Bangkok, Export prices of Thai rice were quoted firm in the week to Monday as Iran's recent purchase of Thai rice has been supporting prices, exporters and traders said.
Iran will receive delivery of rice soon and this helped support prices of Thai rice, said a Bangkok-based trader.
Two Thai rice trading companies have recently sold a combined 60,000 metric tons of rice to Iran for June-July shipment, officials from involved companies and rice traders said.
President Agri Trading Co. and Thai Maparn Trading Co., each have sold 30,000 tons of 100% B grade rice to Iran at prices around $202/ton, free on board, said a Bangkok-based rice trader.
An official at President Agri Trading said the deal was made in the last few weeks and the rice is for June-July shipment. "We will ship the rice late this month," the official said.
Thai 100% B grade rice was offered Monday at $210/ton, free on board, compared with $208-$211/ton quoted last week.
Thai 5% and 25% broken rice were offered at $204/ton and $185/ton, FOB, respectively, compared with $201-$206/ton and $180-$189/ton quoted the previous week.
An official at the Commerce Ministry's Department of Foreign Trade said earlier that Iran is also seeking to buy more rice from the department. He said if Iran makes the purchase, it should be of "a big volume."
Exporters in Thailand said Iran will likely buy more rice, but maybe when prices fall further from current levels.
Demand for Thai rice is steady among regular buyers such as those in Africa, except Nigeria which hasn't yet increased purchases of Thai rice, traders said.
The Nigerian government imposes a high import tax on Thai rice, around $230/ton, making Thai rice less competitive in the Nigerian market when compared with rival exporter India, which pays lower import taxes, traders said.
As reported, the Thai government will arrange a trade mission to Nigeria, along with Ghana, during July to September to promote Thai exports there and to ask the Nigerian government to lower taxes on Thai rice imports.
Thailand exported 2.92 million tons of rice from Jan. 1 to June 12, compared with 3 million tons in the same period a year ago, according to the Department of Internal Trade.
MGR Archive 17.6.2003
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Region Type Price  
Russia Rapan $ 700
USA Jupiter Rice $630
USA Calrose #1 $830
USA Calrose #1 Paddy $480
EU Prices Baldo €660
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