SINGAPORE : Rice exporters in Thailand and Vietnam are re-negotiating prices on sales contracts for around half a million metric tons for August shipments, two trade sources said, as India's ban has tightened global supplies.
Rice importers have no choice but to pay higher rates as sellers will default on contracts, given the substantial increase in prices of the staple, traders said. Thailand and Vietnam, the world's No. 2 and 3 exporters respectively, are estimated to ship more than one million metric tons of rice in August. India is the world's biggest rice exporter accounting for around 40 per cent of global supplies.
"The current prices are way higher than the contracted prices," said one trader in Ho Chi Minh City."The export price surge has resulted in a sharp rise in domestic paddy prices. Several traders are now rushing to sped up their purchases from farmers."
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