Falling rice prices prompt import pullback

With falling rice prices, some importers and traders are feeling discouraged to go for fresh import to help soothe the market further and help the hard-hit people to cope with the higher prices. Some of the rice importers said that they are apprehensive about opting for further imports as market prices are going downwards and they have little space in their godowns to store the new imports. Besides, they are also afraid of police raids charging them with stockpiling of rice, they said. Rice prices have slid by Tk. 3-8 per kg since last week, following massive government steps to stabilise the restive market. According to some importers, many retailers are afraid of buying rice packed in plastic bags due to police harassment—though the government has offered a three-month window to import rice packed in plastic bags. Private rice importers have opened L/Cs for 18 lakh tonnes of rice till last week, sources said. “Sales of rice have been hit after prices started to decline. Customers are apprehensive about further price fluctuation. Prices of imported rice from India have gone down significantly,” Gausul Alam Khan Bablu, the senior vice-president of Bangladesh Rice Merchants Association, told The Independent yesterday. He said that rice imported from India is now selling at Tk. 42-43 per kg in Bangladesh, down by around Tk. 5-8 in one week.

“Importers are now feeling discourage to open fresh L/C as there are still huge quantity of unsold rice in their different warehouses. There is not enough space to keep fresh imports. Besides, traders are avoiding unnecessary hassles or they do not want to face legal cases by importing fresh rice,” he said in reply to a query. Importers are afraid that police will conduct raids under Anti-hoarding Act if they found rice in warehouses, he observed.

“Three ministers—Tofail Ahmed, Matia Chowdhury and Qamrul Islam—have allowed the import of rice in plastic bags. But state minister for textiles and jute, Mirza Azam, threatened to strengthen drives against plastic bags. Fearing the state minister’s threat, many wholesalers and retailers are feeling discouraged about buying rice packed in plastic bags,” Bablu said.

Yesterday, BR 28 and BR 29 rice were found selling at Tk. 51-53 a kg in different markets in the capital, which was Tk. 54-57 last week.

“We are now selling hybrid (coarse) rice at Tk. 41 per kg, which was sold at Tk. 47-49 last week. Besides, miniket is now being sold at Tk. 57-58 per kg, which was Tk. 60-65 last week,” Anwarul Alam, owner of Anwar Rice Trading of Mohammadpur Krishi Market, told this correspondent.

The Nazirshail variety was selling between Tk. 65 and Tk. 70 per kg yesterday, showing a decline of Tk. 5-7 from the past week. Another trader, Chitta Ranjan Saha of Bismillah Rice Agency, in the city’s Mirpur-1 said they were selling BR 28 and BR 29 at Tk. 52 per kg, which sold at Tk. 54-56 last week.

“We are selling miniket at Tk. 58 per kg, which sold at Tk. 61-65 last week. Coarse rice is now selling at Tk. 41-45 per kg,” he said in reply to a query.

 

 

Falling rice prices prompt import pullback

With falling rice prices, some importers and traders are feeling discouraged to go for fresh import to help soothe the market further and help the hard-hit people to cope with the higher prices. Some of the rice importers said that they are apprehensive about opting for further imports as market prices are going downwards and they have little space in their godowns to store the new imports. Besides, they are also afraid of police raids charging them with stockpiling of rice, they said. Rice prices have slid by Tk. 3-8 per kg since last week, following massive government steps to stabilise the restive market. According to some importers, many retailers are afraid of buying rice packed in plastic bags due to police harassmentthough the government has offered a three-month window to import rice packed in plastic bags. Private rice importers have opened L/Cs for 18 lakh tonnes of rice till last week, sources said. Sales of rice have been hit after prices started to decline. Customers are apprehensive about further price fluctuation. Prices of imported rice from India have gone down significantly, Gausul Alam Khan Bablu, the senior vice-president of Bangladesh Rice Merchants Association, told The Independent yesterday. He said that rice imported from India is now selling at Tk. 42-43 per kg in Bangladesh, down by around Tk. 5-8 in one week. Importers are now feeling discourage to open fresh L/C as there are still huge quantity of unsold rice in their different warehouses. There is not enough space to keep fresh imports. Besides, traders are avoiding unnecessary hassles or they do not want to face legal cases by importing fresh rice, he said in reply to a query. Importers are afraid that police will conduct raids under Anti-hoarding Act if they found rice in warehouses, he observed. Three ministersTofail Ahmed, Matia Chowdhury and Qamrul Islamhave allowed the import of rice in plastic bags. But state minister for textiles and jute, Mirza Azam, threatened to strengthen drives against plastic bags. Fearing the state ministers threat, many wholesalers and retailers are feeling discouraged about buying rice packed in plastic bags, Bablu said. Yesterday, BR 28 and BR 29 rice were found selling at Tk. 51-53 a kg in different markets in the capital, which was Tk. 54-57 last week. We are now selling hybrid (coarse) rice at Tk. 41 per kg, which was sold at Tk. 47-49 last week. Besides, miniket is now being sold at Tk. 57-58 per kg, which was Tk. 60-65 last week, Anwarul Alam, owner of Anwar Rice Trading of Mohammadpur Krishi Market, told this correspondent. The Nazirshail variety was selling between Tk. 65 and Tk. 70 per kg yesterday, showing a decline of Tk. 5-7 from the past week. Another trader, Chitta Ranjan Saha of Bismillah Rice Agency, in the citys Mirpur-1 said they were selling BR 28 and BR 29 at Tk. 52 per kg, which sold at Tk. 54-56 last week. We are selling miniket at Tk. 58 per kg, which sold at Tk. 61-65 last week. Coarse rice is now selling at Tk. 41-45 per kg, he said in reply to a query.