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Nigerian and West African importers are expected to pay about N300 billion in freight to shipping lines by year-end for foreign rice, with contracts from Thailand and other Asian origins. Shipping lines had imposed $150 per tonne surcharges in October due to container scarcity, and the shift to bulk shipping is affecting import costs.
Container scarcity and freight surcharges raise landed rice costs in West Africa, which can support Asian export differentials even as origin prices are soft. The effect is mainly on delivered cost rather than FOB prices.
thenationonlineng.netThe NationDec 6, 2021After 14 past neutral logistics events, Rough Rice moved a median -1.3% over 5 sessions (36% higher; middle half -3.6% to +0.7%), and +1.6% over 20.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
