SINGAPORE — Rice importers in the Philippines have delayed purchases of around 350,000 metric tons (MT) of Vietnamese rice and have been renegotiating deals, after a steep decline in prices, two trade sources with direct knowledge said.
SINGAPORE — Rice importers in the Philippines have delayed purchases of around 350,000 metric tons of Vietnamese rice and have been renegotiating deals, after a steep decline in prices, two trade sources with direct knowledge said.Rice prices in key exporting countries have dropped to about two-year lows after India, by far the biggest supplier of the grain, eased restrictions on overseas sales last year following a bumper harvest.
'It is a big jolt to Vietnamese exporters as some of these deals could turn into defaults.'Bumper rice harvests in Vietnam, the world's No. 3 exporter after India and Thailand, will provide additional stock for international markets.'The crop is looking good, it is bigger than last year. Rice prices are likely to face more pressure,' the Singapore trader said.
Of 350 000 MT Vietnamese Rice Delayed
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