Pakistan gets offers in tender to buy 100,000 tons of rice for supply to Bangladesh

The lowest price offered in the tender from Pakistan's state agency, the Trading Corporation of Pakistan (TCP), to purchase 100,000 metric tons of rice for supply to Bangladesh was estimated at $394.95 CIF liner out, European traders said on Friday.

CIF liner out terms include cost, insurance and freight shipping to a port in Bangladesh and also ship unloading costs for the seller.No purchase has been reported and offers are still being considered, they said.

Reports reflect assessments from traders and further estimates of prices and volumes are still possible later. The lowest offer was said to have been submitted by the company Jhulay Lal.

There were 11 participants in the TCP's tender with other prices ranging from $397.25 to $424.80 a ton CIF liner out, traders said. Bangladesh has been undertaking a series of import tenders in past weeks to cool local prices.

The TCP tender seeks long-grain white rice to supply to Bangladesh. Price offers have to be valid for 21 working days after submission. The rice must be available for shipment within 45 days of contract award.

Traders regarded the tender as an effort to bring Pakistani rice into Bangladesh's import supplies, with market expectations Indian-origin rice will be used to supply some recent purchases by Bangladesh.