Rice Bid Below Market Price
Posted on: Tuesday, 16 August 2005, 00:00 CDT
Aug. 16--President Agri Trading Co has submitted the highest bid among 16 companies for a government tender of 540,000 tonnes of rice at $153.6 million.
But the bid price, at US$183 per tonne for 5 percent white rice, $263 per tonne for 15 percent white rice and $250 per tonne for 25 percent white rice, is considerably below market prices. Last week, 5 percent white rice was being quoted at $287 per tonne.
President Agri Trading last year won the auction for 1.7 million tonnes of rice stocks from the government.
Other top contenders are Capital Cereals Co, Chaiyaporn International Co, and Ponglarp Co.
Capital Cereals proposed to buy 344,248 tonnes of rice at $90.7 million. Chaiyaporn International tendered to buy 329,616 tonnes at $88.9 million, and Ponglarp Co sought to buy 257,098 tonnes at $71.9 million.
Karun Kittisataporn, the permanent secretary of the Commerce Ministry and chairman of the committee in charge of selling stockpiled rice, said his committee would soon announce the winner's name and ask it to improve its proposals.
The committee will propose the winner's name to the Commerce Minister and then to the Rice Policy Committee.
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Source: Bangkok Post
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