Rice prices rise to $700 a tonne as the market overcomes India’s export limits

The prices of white and semi-milled rice are approaching 700 USD per ton on the world market, and Thailand is a pioneer in raising the price of the grain above 670 USD per ton. Global prices have risen since July 20, when India banned exports of white rice and then imposed a  20 percent export tax on par-boiled rice shipments a week later. It  also fixed a minimum export price of $1,200 for Basmati exports. White and steamed rice is now quoted between $670 and $690. 

 Southeast Asia is feeling the impact 

 Thailand is offering $670-$690 per tonne of semi-milled rice. India’s steamed product is priced at $500 a tonne, including  20 percent export duty, says VR Vidya Sagar, head of Bulk Logix. The main reason why Indian steamed rice is quoted at such a competitive price is that domestic steamed rice prices have come down. “Prices in the local market have come down from ₹ 32,000 to ₹ 39,000 a tonne in July”.

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