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Pakistan rice prices firm on low stocks
KARACHI ,Pakistani rice prices remained firm in the past week due to low stocks and traders said activity was slow on Monday with traders awaiting fresh supplies from the new crop.
"The market is dull these days and it will remain so until the new crop arrivals expected by the end of August or early September," said a trader in Karachi.
"Fresh orders for exports are not coming due to high domestic prices."
Traders said low stocks had pushed prices of IRRI-6 to around $177 per tonne, making them non-competitive in the international market.
Some exporters have shipped existing orders to traditional buyers but high domestic prices have 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 new crops arrivals accelerate.
Pakistan's rice year runs from September to March. Traders said 200,000 tonnes of rice was available in the market, only enough to meet domestic demand and some previous commitments.
Pakistan estimates rice output for the current 2002/03 fiscal year (July/June) at 3.7 to 3.8 million tonnes and the country's annual domestic rice consumption is around 2.3 million tonnes.
MGR Archive 22.7.2003
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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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