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High prices, low stocks hit rice exports
ISLAMABAD ,Pakistani rice prices have been firm in the past week due to moderate local demand, but falling stocks have halted exports, traders said on Monday.
They said high domestic prices were likely to keep business dull in coming weeks as the new crop would not be available until September.
Majeed said low stock had pushed prices up to a point where Pakistani exporters could not match competitors' prices on the international market. Majeed said India was quoting $160 per tonne for IRRI-6 variety, compared to Pakistan's $175 per tonne.
Traders said some exporters had shipped existing orders to their traditional buyers but high domestic prices had limited new demand.
The main buyers of Pakistani rice are Iraq, Sri Lanka, Bangladesh and several East African countries.
Traders expect market activity to pick up from September as supplies of fresh grain from the new crop increased. Pakistan's rice year runs from September to March.
They added that 200,000 tonnes of rice was available in the market, only enough for domestic demand and some previous export commitments. Pakistan estimates rice output for the current 2002/03 (July/June) fiscal year at 3.7 to 3.8 million tonnes and annual domestic consumption at around 2.3 million tonnes.
Dealers said 100-kg bags of IRRI-6 variety were quoted at 930/980 rupees, up from the previous week.
MGR Archive 24.6.2003
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Region Type Price  
Russia Rapan $ 700
USA Jupiter Rice $630
USA Calrose #1 $830
USA Calrose #1 Paddy $480
EU Prices Baldo €660
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