MANILA: To meet Philippines private traders’ rice import demand of 187,000 tonnes, the world’s third-largest rice exporter Vietnam has set export prices in preparation to meet an import demand.
Last month, the Philippines’ state grains procurement agency allowed private traders to import 187,000 tons of rice. Exporters must sell the 5-percent broken rice to Philippine importers at $385 a ton, free-on-board Saigon Port, industry body the Vietnam Food Association.
The floors are $375 a tone for the 10-percent broken grade and $365 a tone for the 15-percent broken grade, the statement said. All the prices are valid between Jan. 1-31.
“The export prices for the Philippines now are lower than the previous floor, so it could be the new benchmark for other orders,” said a Vietnamese trader in Ho Chi Minh City.
The 5-percent broken rice was quoted this week at $380-$390 a ton, FOB basis, widening from $385-$390 per ton quoted before the New Year holidays, while buyers were still absent and stocks remained low, traders said.
The Philippines, Vietnam’s second-biggest rice buyer in 2014 after China, is expected to import between 1.5 million and 2 million tons from Vietnam this year, the Customs Department news.
