Pakistan's 5 percent broken Sela rice prices fall sharply

02-Sep-2024 05:31 PM

Karachi. To remain competitive with Thailand, Pakistan has started reducing the export offer price of 5 percent Sortex Sela rice. On August 27, the price of its rice fell to the lowest level in the last one year. According to informed sources,

the export price of Pakistan's 5 percent broken Sela rice fell to $ 544 per ton on August 27, which was $ 49 per ton less than last year, $ 35 per ton less than last month and $ 5 per ton less than last week.

Despite this, it was $ 20 per ton higher than Indian Sela rice. As a result, foreign importers are unlikely to show much interest in buying Pakistani Sela rice.

It is understood that the arrival of new paddy-rice is going to start soon in Pakistan, so millers, traders and big producers are quickly dumping their previous stock in the market. This has softened the prices and is helping exporters to keep their offer price low.

The export offer price of 5% broken Pakistani Sela rice for September-October delivery is being reported to be $545-550 per tonne free on board.

According to analysts, the demand for Pakistani rice has remained limited in the global market this year.

The arrival of new paddy will pick up pace in October-November and then exporters will be able to get a good amount of rice.

Although sporadic harvesting of early cultivated paddy crop has started in some districts of Sindh and Punjab province, but its massive arrival is still far away.

Offers for purchase of Sela rice between 1000-5000 tonnes are coming from West African countries, but exporters are not in a position to make advance booking right now.