Bidding for white rice cancelled
The Commerce Ministry has cancelled the latest round of bidding for government stocks of white rice, due to the failure of traders to offer prices above market value.
The ministry said yesterday that it would auction the 1.7 million tonnes of white rice later.Bidders offered prices that were much lower than market value. Prices offered ranged from US$290 (Bt10,836) to $306.75 (Bt11,461) per tonne for 5-per-cent white rice, and $234.40 (Bt8,762) to $267 (Bt9,984) per tonne for 25-per-cent white rice. The market price for 5-per-cent white rice is $313 per tonne, and for 25-per-cent white rice, $274 per tonne. Foreign Trade Department director-general Rachane Potjanasuntorn said that the lots sought were also far lower than the ministry's estimates. The auction, which opened on Monday, was for 2.2 million tonnes of rice - of which white rice comprised 1.7 million tonnes and jasmine rice the rest. Fourteen out of 26 bidders won the right to buy 351,209 tonnes of jasmine rice from a total offering of 503,700 tonnes. CP Intertrade won the largest volume - 188,982 tonnes - offering a price between Bt15,250 and Bt16,120 per tonne. The second largest was President Agri Trading, offering Bt15,730 per tonne for 101,678 tonnes. Charoen-pol Miller Co Ltd offered the highest price of Bt16,400 to Bt16,500, winning 5,599 tonnes of jasmine rice. Rachane said the ministry was very satisfied with the jasmine rice result, despite failing to clear the entire offering. "The prices accepted from the 14 winners are higher than the market price," he said. "The government has saved about Bt9.95 million by stocking this rice volume." Petchanet Pratruangkrai The Nation
|
