Export prices of Vietnamese rise rose 10% from a week earlier after the country won one of three big contracts to export rice to the Philippines, the Ministry of Industry and Trade said.
In Vietnam, the world’ second biggest rice exporter, prices of 5% broken rice rose 10% to US$530-US$550/ton, from US$500/ton from against previous week.
Prices of 25% broken rice, the variety to be exported to the Philippines in the tender for 600,000 tons on Dec 1, increased 4% to US$480/ton, from US$460/ton a week earlier.
The Philippines, the world’s biggest rice importer, said it will buy 500,000-520,000 tons of rice instead of 600,000 tons in the tender Tuesday, of which 300,000 tons are offered by Vietnam Southern Food Corporation, Vinafood 2, and the rest will be from Thais suppliers.
Vinafood 2 won contracts to export 25% broken rice for US$625/ton, CFR-FO, with delivery for Feb and May 2010.
Meanwhile in Thailand, the world’s biggest rice exporter, prices of 25% broken rice also surged 8.5% to US$510/ton from US$470/ton.
Currently, Vietnamese rice prices are some US$70/ton lower than Thais. Thais exporters complained that they have lost share from Vietnam because of Thais rice’s high prices, adding that Vietnamese dong depreciation will make its rice more attractive.
Rice prices are forecast to continue surging in the coming months when the Philippines opens additional two tenders on Dec 8 and Dec 15. But analysts believed that the prices will not hit record of 2008 at US$1,000/ton. (vinanet.vn)
Vietnamese
