The national auction of minimum price reserve rice saw very little participation this week. A total of 601.4k tons were listed, with only 10.9k tons being purchased. The average price was 2618.3 yuan per ton.
The lower participation rates are due to weak downstream demand, with mills operating at lower rates and buying as needed. Additionally, there is a longer-term trend towards consumers preferring higher-quality rice. Because of these factors, rice mills don’t have a strong incentive to parti...