HAMBURG — The Philippines’ National Food Authority (NFA) on Tuesday made final awards to five trading houses in its purchase of 250,000 tons of rice in an international tender issued on May 22, European traders said.
Of the total, 212,500 tons will be sourced from Thailand and the rest from optional origins. The purchase had been announced on May 22 but not the winning companies.
Final awards were made to trading house Thai Hua for the supply of 75,000 tons, to Capital Cereals Co. for 43,000 tons, to Asia Golden Rice Co. for 58,500 tons, to Ponglarp Co. for 36,000 tons, and to Olam International for 37,500 tons.
Prices were between $465.04 and $461.75 a ton. The tender continued recent strong rice purchasing on global markets by the Philippines as the country seeks to build stocks and cool local prices.
A separate tender for 250,000 tons of rice on May 4 for government-to-government purchases ended in buys from Vietnam and Thailand.
President Rodrigo R. Duterte in April directed the NFA to build up its rice buffer stock to the equivalent of 60 days of national consumption, or as much as 1.92 million tons, from less than two days of consumption in March.
The dwindling supply of cheap NFA rice, partly caused by delays in import approvals, spurred rises in domestic prices. or delays in content, or for any actions taken in reliance thereon. — Reuters