European traders reported on Friday that the lowest price offered by Pakistan's state agency Trading Corporation of Pakistan, for the purchase of 100,000 metric tons of risotto to be supplied to Bangladesh, was estimated to be $394.95 CIF.

CIF terms cover the cost of shipping, insurance, and freight to a port within Bangladesh as well as ship unloading charges for the seller.

They said that no purchase had been reported, but offers were still being considered.

The reports reflect the assessments of traders, and it is still possible to estimate prices and volume later. Jhulay lal was reported to have submitted the lowest bid. There were 11 bidders in TCP's Tender. Other prices ranged from $397.25 - $424.80 per ton CIF, traders reported. In recent weeks, Bangladesh has conducted a number of import tenders to lower local prices. TCP is looking for long-grain, white rice to be supplied to Bangladesh. The price offers must be valid for 21 days after the submission. The rice must be ready for shipment within 45 calendar days after contract award. The tender was seen by traders as a way to introduce Pakistani rice to Bangladesh's import supply, and the market expected that Indian-origin white rice would be used for some recent Bangladeshi purchases.

(source: Reuters)