On May 18, the rice price of Vietnam and Thailand reached a peak in this month thanks to positive export prospects, quoted Reuters.
Vietnam is now the third largest rice exporter in the world after India and Thailand. Photo: TL
In Ho Chi Minh City, 5% broken rice (FOB) is traded at 365-370USD/tonne, up from 355-360USD last week.
Weekly average price breaks 11-month high, at 367.5USD/tonne, according to Reuters' data.
Forecasting that import demand will increase, Vietnamese rice exporters are stockpiling rice based on current momentum.
"They expect the price will be higher so no one rushes to sell," a trader in Ho Chi Minh City said.
In the first four months of the year, it was estimated that Vietnam exported 1.84 million tons of rice, down 8.8% compared to the same period last year.
Vietnam is now the third largest rice exporter in the world after India and Thailand.
In Thailand, the price of 5% broken rice increases to 385-411USD/ton. Weekly average price is 398USD/tonne, hitting 9-month high.
Thai rice exporters are continuing to consolidate, and also expect rice price to be pushed up by strong demand from foreign countries.
Last week, Bangladesh said it would import 600,000 tonnes of rice.
In India, after two months witnessing sharp rise, rice price dropped slightly by 3USD/tonne last week due to declining demand. The price of 5% broken rice is 391-396USD/ton.
The Indian rupee has risen 5% since the beginning of the year and been heading to its highest level in almost two years, which reduces the competitiveness of Indian rice.
"Buyers from Africa are turning to Vietnam." "Indian can not compete at current prices," said an exporter in Kakinada, India.
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