Developing Countries Will Lead Global Rice Import Growth in 2013-22, Says USDA Rice growers positive California MG prices are UP Russia MG Harvest coming to end Egypt open rice exports Vietnam’s rice export in tough competition with India Thai rice exports in May Rise Above Target This Year Viet-Nam Rice exports likely to fall this year
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Thai rice prices steady
Reuters
BANGKOK , Thai rice prices are likely to stay steady or rise in coming days, supported by strong overseas demand, especially from Nigeria, traders said on Thursday.
Parboiled rice grade from Thailand, the world's top exporter, was offered steady on Thursday at $203/tonne free-on-board (FOB) basis.
"Buyers from Nigeria are in the market, they have resumed buying rice from Thailand," said one trader.
"India has had difficulties loading rice to Nigeria in time due to logistical problems. Its prices are also higher."
In recent months, Nigeria had significantly cut back on buying from Thailand due to high prices.
India, which is Thailand's closest rival on the world market, was believed to have clinched deals in recent months to export up to 200,000 tonnes to 400,000 tonnes of rice for June-July shipment to Nigeria, traders said.
India was offering to sell its parboiled rice grade at $195-$197/tonne FOB, up from $190 earlier this year.
New Delhi has increased prices of rice it supplies to exporters as domestic stocks have dropped due to booming exports and a fall in output due to last year's drought.
India has emerged as a major international supplier over the past year by offering much lower prices than its competitors. It overtook Vietnam as the world's number two rice exporter in 2002.
Nigeria, a major rice importer, was Thailand's largest rice buyer in 2001 and 2002, importing 1.7 million tonnes and 1.1 million tonnes of parboiled rice, respectively. No forecasts are available for this year.
"Strong demand is expected from Nigeria in coming months. The country has so far imported about half of its total needs for this year," said one trader.
Between January and July 18, Thailand shipped 3.72 million tonnes of rice, compared with 3.75 million shipped in the same period last year, figures from the commerce ministry showed.
Chinese buyers bought almost 100,000 tonnes of Thai fragrant rice during a recent trip organised by Thai trade officials to China, said Vichai Sriprasert, president of the Thai Rice Exporters' Association.
The rice had been bought at around $400/tonne FOB and would be shipped next year, exporters said.
Traders said the Chinese purchases were usual and the deals would not affect market prices.
China, also one of Asia's major rice exporters, imports around 200,000 tonnes of Thai fragrant rice every year.
The Thai commerce ministry said it was planning to set up distribution centres in its main export markets to help boost rice sales, Vichai said.
"Whether it would work would very much depend on the management. We need to have good people who know how to sell," Vichai said.
MGR Archive 25.7.2003
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Russia Rapan $ 700
USA Jupiter Rice $630
USA Calrose #1 $830
USA Calrose #1 Paddy $480
EU Prices Baldo €660
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