Rice importing nations are stiffly resisting any rise in prices despite fears of a possible impact on paddy cultivation this year in Asia due to weather-related problems.
According to exporters, though rice prices in the domestic market have increased, the global market is heading south.
No buyers after hike
“Buyers abroad are trying to buy rice at lower prices. Rates have come down by 5-10 per cent. This is mainly on account of a drop in freight charges, which have softened. Prices in the domestic market are high,” said VR Vidya Sagar, Director, Bulk Logix.
“A few days ago, our 5 per cent parboiled rice prices increased to $385 a tonne and this resulted in no buyer showing up. Prices are now lower at $365,” said BV Krishna Rao, President, The Rice Exporters Association (TREA).
“Rice buying has slowed. We are getting good enquiries but they are not being converted…