According to European traders on Friday, the lowest price provided in the international contest by Indonesian state purchasing agency Bulog to purchase roughly 500,000 metric tonnes of rice was projected to be $479 per tonne cost and freight (c&f) for rice that was anticipated to be obtained from Pakistan.
According to reports, the lowest bid was for 26,000 tonnes.
According to traders, pricing negotiations are anticipated to continue in the days ahead, and no purchase has been reported as of yet. Next week, a decision is anticipated.
Reports are based on traders’ judgments, and future price and volume projections are still feasible.
Rice from Thailand, Cambodia, Vietnam, Myanmar, Pakistan, or India is sought after for arrival in Indonesia between November and December. On Friday, price offers were submitted.
According to merchants, two additional offers of rice from Pakistan were the lowest, coming in at $484 and $485 per tonne c&f.
The lowest reported price per tonne c&f for consignments ranging from 25,000 to 30,000 tons was $515 for rice from Vietnam, $511 from Thailand/Cambodia, $513 from India, and $517.50 from Myanmar.
Following a poor local harvest, Indonesia continues to buy a lot of rice on international markets in an effort to lower domestic prices.
An projected 30.34 million metric tonnes of rice would be produced in Indonesia in 2024, a 2.43 percent decrease from the previous year. The majority of the decrease occurred between January and April, when production fell by almost 15% annually.
This year, Indonesia plans to import up to 3.6 million tonnes of rice to supplement its domestic supplies. In 2025, it also intends to significantly expand the cultivated area and is thinking about importing one million tonnes of rice from India.
According to dealers, Bulog is looking for white rice from the 2024 crop year that is 5 percent broken grade and was milled no more than six months ago for the new tender.
