The lowest price offered in the tender from the Trading Corporation of Pakistan (TCP) to purchase 100,000 metric tonnes 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, as well as the seller’s unloading costs.
No purchase has been reported and offers are still being considered, they said.
Reports reflect traders’ assessments, and further price and volume estimates are still possible later.

The lowest offer was reportedly submitted by the company Jhulay Lal.

There were 11 participants in TCP’s tender, with other prices ranging from $397.25 to $424.80 a tonne CIF liner out, traders said. Bangladesh has been undertaking a series of import tenders in the 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 that Indian-origin rice will be used to supply some recent purchases by Bangladesh.