West African parboiled rice prices hit record lows amid oversupply, low demand

West African parboiled rice prices have plummeted to record lows, driven by subdued demand and significant oversupply in the region.

Platts, part of S&P Global Energy, assessed the price of parboiled 5% STX CFR Cotonou at $418/mt on May 13, the lowest the assessment has been since the assessment began on Feb. 20, 2023.

Importers in Benin have voiced their concerns over declining prices, linking this trend to falling FOB Kakinada prices for Indian parboiled rice. One importer said it was a "direct influence. But the base problem is oversupply itself."

The oversupply issue is not limited to Benin. In Togo, importers are facing a similar situation, with abundant availability, yet demand for white rice remains virtually nonexistent. A Togo importer said: "Containers were more expensive than breakbulks before, but now the price difference is narrowing, and people are preferring containers at lower volumes." Another trader said container and breakbulk freight prices had narrowed to $3-$4/mt.

Data from the Agricultural and Processed Food Products Export Development Authority shows that India exported approximately 4.9 million mt of rice to the region between April 2024 and January 2025, with Benin the largest importer, followed closely by Guinea and Ivory Coast.

As Nigeria, the largest rice market for Benin, continues to illegally import rice from Benin, both local and imported rice prices in Nigeria have plummeted over the past two weeks.

The price of Indian imported rice coming through Benin has dropped substantially, from Naira 68,000 ($42.47) per 50 kg bag on April 23 to just Naira 54,000 per 50 kg bag on May 13. Concurrently, local rice prices have also fallen by 10,000 Naira, reaching 62,000 Naira, according to another market participant.

A Togo-based importer expressed concern about the unpredictability of the market, adding that the market was becoming increasingly challenging.