Foreign traders have made approaches to buy a total 2.3 million tonnes of many grades of rice from the Commerce Ministry. Two major importers have expressed intentions to buy one million tonnes each of white rice at an initial offered price of 9,000 baht per tonne, according to Apiradi Tantraporn, director-general of the Foreign Trade Department.

Another trader in Africa had proposed to buy 300,000 tonnes of 25% grade rice, she said.

The traders are expected to submit details of their purchasing plans next week, including prices and delivery terms.

Mrs Apiradi said global rice demand was rising since poor weather had damaged rice plantations in many countries. As a result, the government now has an opportunity to offload its stockpile of four million tonnes accrued from previous rice price-support programmes.

She added that the Commerce Ministry would call a second bid to sell about 820,000 tonnes of rice next week. The first auction for 558,000 tonnes was completed last month.

The rice to be offered at the next auction includes 445,061 tonnes of 5% white rice and 376,333 tonnes of Hom Mali from the 2004-05 and 2005-06 crops

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Posted: 09|28|07 at 9:31 am. Filed under: Auction News.