HAMBURG: The lowest offer in the tender from Bangladesh's state grains buyer to purchase 50,000 tonnes of rice which closed on Thursday was estimated at $416.00 a tonne CIF liner out, traders said in initial assessments. Offers are still being considered and no purchase had yet been reported, they said.

The tender was Bangladesh's first of its type for three years amid dwindling rice supplies and a surge in prices. Bangladesh plans to import 300,000 tonnes of rice amid a potential shortfall in output after floods destroyed its crop.

The country is the world's third-biggest rice producer but relies on imports to cope with shortages caused by natural disasters such as floods or drought. Traders said the lowest price of $416.00 a tonne was offered by trading company P.K. Agri Link for rice sourced optionally from India, Thailand, Vietnam or Myanmar.

Other participants in the tender included Agrocorp International, which offered $416.85 a tonne, also for supplies optionally from India, Thailand, Vietnam or Myanmar. Sukhbir Agro Energy offered $419.95 a tonne for rice from India, Pakistan, Thailand or Vietnam.

Swiss Singapore Overseas offered $421.49 a tonne for Indian rice and KRBL offered $427.50 a tonne also for Indian supplies. All prices are for CIF liner out terms, which involve ship unloading costs. Price offers in the tender have to remain valid up to Dec. 10. The rice is to be shipped within 40 days of contract signing. A separate tender from the country to purchase 50,000 tonnes of rice closes on December 2.