Rice prices today, March 10, in the Mekong Delta region fluctuated slightly. Types of rice generally remain stable, while fresh rice prices tend to increase.
For rice products, according to updates from the Department of Agriculture and Environment of An Giang province, the current price of Dai Thom 8 (fresh) rice increased by 100 VND/kg, ranging from 6,500 - 6,600/kg; OM 18 (fresh) rice ranged from 6,400 - 6,500 VND/kg...
For OM 380 rice and raw rice, the price ranges from 7,850 - 8,000 VND/kg; IR 504 rice ranges from 8,150 - 8,200 VND/kg; OM 18 raw rice ranges from 9,300 - 9,500 VND/kg; 5451 raw rice ranges from 8,500 - 8,600/kg...
Recently, the General Department of Foreign Trade of India announced that the policy of exporting broken rice has been adjusted from a ban to allowing freedom of implementation, effective immediately. India's ban on 100% broken rice exports could cause rice prices in Vietnam and competing countries to fall sharply.
Previously, Indian rice exporters have proposed that the government allow exports to resume due to increased inventories.
Last year, the Indian government lifted the minimum export price (MEP) of $490/ton for shipments of white rice other than basmati rice, and lifted a comprehensive ban on this type of rice.
In a later interview with S&P Global Commodity Insights, Mr. Mukesh Jain - Chairman of the Chhattisgarh Rice Export Export Association of India - believes that the lifting of the ban on the export of 100% white rice will boost business, restore factories that have closed and increase farmers' income.
This is part of the government's measures to solve the output for rice growers. In addition to lifting export ban, authorities in some places in India have exempted grinding plants from special taxes.
Indian 100% broken rice is currently being offered for sale at 330 USD/ton, higher than the 300 USD/ton from Vietnam, Myanmar or Pakistan. Although prices are still different, the return of Indian rice will cause the market to adjust prices down.
The price of 5% broken Indian broken rice is being offered at 409-415 USD/ton, down from 413 - 420 USD/ton last week. The price of 5% broken white rice in India is 390-400 USD/ton this week.
A dealer in New Delhi said that Vietnam is actively selling rice in the world market, which partly puts pressure on rice prices in other countries.
According to Mr. Jain, in the international market, Vietnam's raw rice prices have decreased sharply, while Indian rice has still increased slightly due to demand from rice auctions in Bangladesh and the impact of rice prices.
There are 3,000 exporters trading rice from India, so according to him, Vietnam is not a significant supplier compared to India.
"In addition, the flavor of Indian rice is something that Vietnam cannot copy. However, market demand is currently declining in West Africa, putting pressure on prices," said Mr. Jain.
In the export market, Vietnam's rice export price today is stable compared to the end of the week. According to the Vietnam Food Association (VFA), standard rice at 5% is currently at 389 USD/ton; 25% broken rice is at 364 USD/ton; 100% broken rice is at 307 USD/ton.
