Rice prices on 08/21/2024: show mixed movements

Rice prices on August 21 domestic

The rice market in the Mekong Delta region on August 21 experienced mixed movements.

Specifically, paddy prices today remained stable with slow trading. In Can Tho, prices tended to decrease, and trading of Autumn-Winter paddy was stalled. In Long An, prices remained unchanged with slow trading. Meanwhile, paddy prices in Dong Thap remained stable, with minimal trading.

Currently, fresh sticky rice in An Giang is priced at VND 7,000 - 7,200/kg, while in Long An, it is priced at VND 7,400 - 7,600/kg.

For dry sticky rice in Long An, the price ranges from VND 7,000 - 7,900/kg; fresh IR 4625 sticky rice is around VND 7,800 - 7,900/kg.

Paddy IR 50404 remains around VND 7,800 - 8,000/kg, while fragrant paddy 8 is priced at VND 8,400 - 8,600/kg (an increase of VND 100).

Paddy OM 5451 is priced at VND 8,000 - 8,200/kg, OM 18 is priced at VND 8,700 - 8,900/kg (an increase of VND 200), paddy OM 380 remains at VND 7,000 - 8,000/kg, and Japanese paddy is priced at VND 7,800 - 8,000/kg.

Meanwhile, dry Nang Nhen paddy is traded at VND 20,000/kg, and Nang Hoa 9 paddy remains at VND 6,900 - 7,000/kg.

Regarding rice products, trading in the Mekong Delta region has slowed down, and prices are tending to decrease. In An Cu, Soc Trang, rice prices slightly decreased, with fewer arrivals and slow trading. In Sa Dec, Dong Thap, rice prices dropped, with slow warehouse purchases and adequate supplies.

Currently, raw rice IR 504 Summer-Autumn is priced at VND 11,650 - 11,700/kg (a decrease of VND 50-100) and finished IR 504 rice is priced at VND 13,700 - 13,800/kg (a decrease of VND 100).

The price of sticky rice kernels is between VND 16,000 - 20,000/kg; regular rice is priced at VND 15,000 - 16,000/kg; and Nang Nhen rice is priced at VND 28,000/kg.

Similarly, long-grain fragrant Thai rice is priced at VND 20,000 - 21,000/kg; fragrant Jasmine rice is priced at VND 18,000 - 20,000/kg, while fragrant Huong Lai rice remains at VND 20,000/kg.

The price of common white rice is VND 17,000/kg; Nang Hoa rice is priced at VND 20,000/kg; regular Soc Trang rice remains at VND 18,500/kg; and Soc Thai rice is priced at VND 20,000/kg.

The price of fragrant Taiwan rice is VND 21,000/kg, while Japanese rice is priced at VND 22,000/kg.

The price of broken OM 5451 rice is VND 9,500 - 9,600/kg, and dry bran is priced at VND 7,150 - 7,250/kg (a decrease of VND 300).

On the export market, 100% broken rice is priced at $ 440/ton; 5% broken rice is priced at $ 575/ton. Meanwhile, 25% broken rice is priced at $ 539/ton.

Thus, domestic rice prices on 08/21/2024, have seen a slight increase in paddy prices but a decrease in rice prices.

Nigeria reduces import tax on brown rice to 0%

On August 14, Nigeria’s Customs Service announced a reduction of import tax to 0% for six types of food items, along with a value-added tax (VAT) exemption for certain other products.

Among the six products benefiting from reduced import taxes is brown rice (HS code 1006.20.00.00). Other items include sorghum, millet, maize, wheat, and beans.

This new policy by the West African country has been in effect from July 15 to 12/31/2024.

Although brown rice is not a key product in the rice sector due to its relatively high price, Vietnam has some varieties that are highly regarded, such as Japonica brown rice, which is popular in Asian markets.

The Vietnam Trade Office in Nigeria stated that to enjoy import tax incentives under the new policy, businesses must meet certain criteria: they must have been registered and operating in Nigeria for at least five years; have complete annual revenue reports and financial statements, and have paid all taxes as required over the past five years.

Specifically, companies importing brown rice and millet, need to own a milling facility with a capacity of approximately 100 tons per day and have been operational for four years. Additionally, they must have sufficient agricultural land for cultivation activities.

Nigeria also advises that importing companies keep records of all activities related to the new policy to serve inspection and compliance verification. Failure to meet the requirements will result in the loss of tax exemption benefits, and the companies will be subject to import tax, surtax, and VAT as per regulations.

The Nigerian Ministry of Finance will provide the Customs Service with a list of licensed importers and their permitted import quotas under the new regulations.