KARACHI, July 26: Pakistani rice prices held steady over the past week amid slow trade and exporters said on Tuesday no major activity was expected in the days ahead as they had exhausted stocks. They added that around 80,000 tons of rice from last year’s crop were available, but those stocks were unlikely to attract buyers due to quality problems. “Pakistan’s export season is over and we do not see any major activity until the start of the new season sometime at the end of September,” said a Karachi-based exporter.
Pakistan’s crop year runs from April to November. Sowing normally starts in mid-April and harvesting begins in September, peaking in October. He said a few exporters were shipping old commitments to East Africa but fresh orders were lacking. Pakistan harvested 4.8 million tons of rice in the last crop year and expects to produce 5.0 million tons 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. —Reuters
