Rice prices on 10/07/2024: The market remains stable

Rice prices on October 7 domestically

The rice market on October 7 remains stable for both rice and paddy.

Today’s rice prices (October 7) show no new fluctuations. Specifically:

• Long An sticky rice (dry) is priced at VND 9,800 – 10,000/kg; Long An IR 4625 sticky rice (dry) is priced at VND 9,500 – 9,700/kg;
• IR 50404 paddy is around VND 6,900 – 7,000/kg; fragrant rice type 8 is at VND 7,800 – 8,000/kg;
• OM 5451 paddy is trading at VND 7,200 – 7,400/kg; OM 18 rice is priced at VND 7,500 – 7,800/kg;
• OM 380 paddy holds steady at VND 7,200 – 7,300/kg; Japanese rice is priced at VND 7,800 – 8,000/kg;
• Nang Nhen paddy (dry) is trading at VND 20,000/kg, and Nang Hoa 9 rice is priced at VND 6,900 – 7,000/kg.

Meanwhile, the rice prices today (October 7) also remain stable.

• The raw IR 504 Summer-Autumn rice is priced at VND 10,150 – 10,250/kg; the finished IR 504 rice is priced at VND 12,500 – 12,600/kg;
• Sticky rice is priced at VND 18,000 – 22,000/kg; ordinary rice is at VND 15,000 – 16,000/kg; Nang Nhen rice is priced at VND 28,000/kg.
• Long-grain fragrant Thai rice is priced at VND 20,000 – 22,000/kg; Jasmine fragrant rice is priced at VND 18,000 – 20,000/kg; Huong Lai rice holds steady at VND 18,000/kg.
• Common white rice is bought at VND 17,000/kg; Nang Hoa rice is at VND 20,000/kg; Soc regular rice maintains a price of VND 18,000 – 18,500/kg; while Soc Thai rice is at VND 21,000/kg.
• Taiwan fragrant rice is priced at VND 21,000/kg, and Japanese rice is steady at VND 22,000/kg.
• The price of OM 5451 broken rice is at VND 9,400 – 9,600/kg (down VND 100), and the price of dry bran is at VND 5,950 – 6,100/kg (down VND 50).

On the export market, 100% broken rice is priced at $ 443/ton; standard rice with 5% broken kernels is purchased at $ 542/ton. The price of 25% broken rice stands at $ 512/ton.

Thus, rice prices on 10/07/2024, domestically remain unchanged compared to yesterday.

India and Pakistan compete fiercely in the rice export market.

India is the largest rice exporter in the world, accounting for nearly 40% of global rice trade and holding 65% of the market share in Basmati rice exports. Pakistan, the fourth-largest rice exporter after Thailand and Vietnam, controls the remaining 35% of the Basmati rice market.

In the 2022-2023 fiscal year, India generated over $ 11 billion from rice sales, with over 4.5 million tons of Basmati rice contributing more than $ 4.7 billion. However, in July 2023, high inflation, rising food prices, and concerns about potential production shortages due to the El Nino weather phenomenon prompted the Indian government to impose a ban on the export of non-Basmati rice. A month later, India also banned the export of Basmati rice.

As Indian rice became scarce, Pakistan emerged as one of the alternative suppliers for many countries, including those in the Gulf, Africa, and Southeast Asia.

From July 2023 to June 2024, Pakistan’s rice export volume grew by over 60%, and its revenue increased by 78%, with nearly 6 million tons of rice exported, generating close to $ 3.9 billion. However, Chela Ram Kewlani, a former president of REAP, believes that with Indian rice returning to the international market in large quantities, the imposition of MEP (Minimum Export Price) will harm Pakistan’s rice exports.

Haseeb Khan, vice president of REAP, praised the government’s decision to remove the price ceiling, emphasizing that this will help Pakistani exporters reinforce their presence in new markets.

$ 1 = VND 24.640 – Source: Vietcombank.