Wednesday, September 22

Tag: Strict Covid

Business

Strict Covid restrictions spark panic buying of rice in Bangladesh

Rice export prices from top Asian hubs fell this week as Vietnamese and Thai traders tried to compete with relatively low Indian offers, while a virus-led lockdown in Bangladesh boosted domestic rates. Amid a record spike in coronavirus cases this week, the Bangladeshi government tightened lockdown measures, prompting panic buying of the staple. The country's state grains buyer has issued an international tender to purchase 50,000 tonnes of rice by railway. In India, rates of 5 per cent broken parboiled variety fell to $367-$371 per tonne, their lowest since November 2020, versus last week's $369-$373. "Rupee is allowing us to lower prices. Local rice prices have also been going down due to government's decision to release stocks," said an exporter based at Kakinada in the sou...