KARACHI, Nov 29: Pakistani rice prices eased marginally over the past week, but exports remained soft due to offers of cheaper products from other countries on the international market, dealers said on Tuesday.
“There are very few new orders, and exporters are only shipping previously committed orders,” said a Karachi-based dealer.
Pakistani exporters were mostly shipping rice to traditional African markets, but dealers said buyers were increasingly looking to cheaper Indian and Vietnamese rice.
“They are saving at least $4 to $5 per ton, which we cannot match because of high domestic prices,” the dealer said.
International buyers were buying from Vietnam and India, which were offering export prices of $216 and $218 a ton, respectively, he said. The same quality Irri-6 variety from Pakistan was quoted at $220-$221, he said.
Traders said domestic prices would gradually come down because of low exports and an increase in unsold stocks, but it would be another two to three weeks before export prices for Irri-6 would reach internationally competitive levels.
Pakistan expects a crop of more than five million tons against last year’s 4.8 million tons. Annual domestic consumption is about 2.3 million tons.—Reuters
