Nearly a third of India's rice exports for this month are stuck due to a shortage of freight trains and most traders have stopped signing February export contracts to avoid demurrage charges, industry officials told Reuters.
The slowdown in exports from India, the world's biggest rice exporter, has allowed rival suppliers such as Thailand, Myanmar and Vietnam to increase overseas sales at higher prices.Register now for FREE unlimited access to Reuters.comShipments of more than 500,000 tonnes of non-basmati rice that need to be transported to ports on India's east coast from the central state of Chhattisgarh have been stuck due to the shortage of freight trains, dealers said.
Traders have started quoting higher prices for overseas shipments to cover higher demurrage charges, and prices for India's 5% broken parboiled variety of rice have risen to $380 per tonne, the highest in six months. "We have requested the Ministry of Commerce and Industry to help us by increasing railway wagons' availability," Rao said.
In the past traders use to switch to road transport in the absence of railway wagons, but truckers have substantially raised freight charges in the past six months after diesel prices jumped to a record high, said a dealer with a global trading firm.
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