KARACHI, July 12: Pakistani domestic rice prices were stable over the past week on low stocks and dealers said on Tuesday that they would not slide until fresh arrivals start in September.
About 200,000 tons of rice from last year’s crop were available in the market, but those stocks were unlikely to attract buyers because of low quality, they added.
A Karachi-based trader said business would remain dull in the coming weeks as depleted stocks had almost halted the exports.
“Exports will resume in September on supplies from the new crop,” he said.
Pakistan’s crop year runs from April to November. Sowing normally starts in mid-April and harvesting begins in September, peaking in October.
Dealers said orders from international buyers were also negligible as a few Pakistani exporters, who held small stocks, offered $30 to $40 per ton higher than other rice-exporting countries.
Pakistan harvested 4.8 million tons of rice during the last crop year and expects to produce 5.0 million tons during this crop year. Annual domestic consumption is about 2.3 million tons.
Pakistani traders have exported around 2.2 million tons of rice during the current season.
Irri-6 varieties were quoted between Rs1,350 and Rs1,375 for a 100-kg bag, unchanged from the previous week.
