Despite lower rice export prices, India is slowly losing its grip over the rice exports on delayed shipments, while Thailand and Vietnam are regaining its lost status through rice exports mainly to China and Nigeria.

The demand from China and Nigeria has kept the Asian rice prices firm.

On the back of record rice production, India had resumed the rice exports from last September and also slashed the Minimum Export Price (MEP), which attracted major importers to the country hurting other top exporters like Thailand and Vietnam.

But due to delayed shipments of the commodity to Nigeria, one of the major importer of Asian rice, has forced the country to look for other alternatives.

Before India resumed the rice exports in September 2011, Nigeria imported around 1 to 1.5 million tons rice annually from Thailand. But export quantity fell drastically after that.

The Thai parboiled rice is offered at $620 per ton, while Vietnam's 5% broken rice is offered at $445 a ton and 25% broken rice at $390-$395 a ton.

Still Indian rice is the cheapest, the country offers rice in the range $300 per ton to $1000 per ton.

India is expected to produce around 102.75 million tons of rice for 2011-12.

 

commodityonline