The lowest offer in the tender from Bangladesh to import 50,000 tonnes of rice on Thursday was from trading house Olam at $419.51 a tonne, on a cost, insurance and freight (CIF) liner out basis, officials at Bangladesh’s state grains buyer said.

Three other trading houses competed for the tender issued by state grains buyer, the Directorate General of Food.

No purchase has yet been made and offers were still being considered, European traders said.

Other offers in the tender in dollars a tonne CIF liner out were: Phoenix at $420, Amir Chand at $444.11 and Agro Corp at $432.65.

The parboiled rice is to be shipped within 40 days of contract signing.

Bangladesh is undertaking a major programme to import rice to build reserves and cool local prices after sudden floods damaged the country’s crops.

Local rice prices reached record highs in May following flooding in April which wiped out around 700,000 tonnes of Bangladesh’s rice crops.

Bangladesh’s plan to import rice from Thailand under a government-to-government deal could be suspended due to high prices, after the government’s planned deal with India fell through for the same reason, Reuters reported on Thursday.

Bangladesh’s next international rice tender for trading houses also seeking 50,000 tonnes will close on Aug. 8.