Traders said that the lowest price in the tender for 50,000 metric tonnes of rice from Bangladesh's State Grains Buyer, which closed on Sunday, was estimated to be $356.78 per metric ton CIF Liner Out.

They said that offers are still being considered, and that no purchases had been reported. The reports reflect the assessments of traders, and further estimates on prices and volume are possible later.

Bangladesh takes a while to consider the price of grain and rice before making a final decision.

The tender is seeking price offers for nonbasmati parboiled risotto in CIF terms (liner out), which include ship unloading charges for the sellers.

Gurudeo, an Indian trading company, was said to be the lowest bidder.

The traders said that these other offers per ton CIF were also submitted: Agrocorp, Bagadiya Brothers, Pattabhi Agro Foods, Mondal, Aditya, and Jai Baba.

Rice can be imported from anywhere except Israel and must be shipped 40 days after the contract is awarded to Chittagong or Mongla.

In an effort to cool down local markets, Bangladesh continues its heavy purchases of rice on international markets. The domestic rice price in Bangladesh has risen by about 15% over the last year, despite a bumper harvest. This leaves consumers struggling.

Bangladesh also announced a second tender on Monday for 50,000 tons rice. Offers are due by November 13. (Reporting and editing by Michael Hogan)

(source: Reuters)