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Pakistan Rice Tender Sees Record Low Bid
28 Nov
Summary
- Pakistan agency TCP received lowest rice bid at $394.95 per ton.
- Eleven companies participated in the 100,000 metric tons tender.
- Bangladesh aims to import rice to stabilize local prices.
Pakistan's state agency, the Trading Corporation of Pakistan (TCP), has recorded its lowest-ever tender offer for 100,000 metric tons of rice, with Jhulay Lal submitting a bid of $394.95 CIF liner out. This tender saw participation from eleven companies, with other bids reaching as high as $424.80 per ton.
Traders noted that CIF liner out terms include cost, insurance, freight, and unloading expenses to a port in Bangladesh. While no purchase has been confirmed yet, the offers are under consideration. This move is seen as an effort to incorporate Pakistani rice into Bangladesh's import strategy.
Bangladesh has been actively issuing import tenders in recent weeks as part of a broader initiative to reduce domestic rice prices. The rice must be available for shipment within 45 days following the contract award, and bids must remain valid for 21 working days.
