HAMBURG: The lowest price offered in the international tender from Indonesian state purchasing agency Bulog to buy about 500,000 metric tons of rice was estimated at $479 a ton cost and freight (c&f) for rice expected to be sourced from Pakistan, European traders said. The lowest offer was said to have been made for 26,000 tons.
No purchase has yet been reported and price negotiations are expected to continue in coming days, traders said. A decision is expected next week. Reports reflect assessments from traders and further estimates of prices and volumes are still possible later.
Rice arrival in Indonesia is sought in November to December and the rice can be sourced from Thailand, Cambodia, Vietnam, Myanmar, Pakistan or India. Price offers were submitted on Friday.
Two other offers of rice from Pakistan were the next lowest at $484 and $485 a ton c&f, traders said. The lowest reported offer for rice from Vietnam was $515, from Thailand/Cambodia $511, from India $513 and from Myanmar $517.50 all per ton c&f for consignments ranging from 25,000 to 30,000 tons.
The tender continues heavy rice purchasing by Indonesia in global markets to cool domestic prices after a disappointing domestic harvest.
