CAIRO: Egypt will look to make direct contracts with other countries to import rice should the prices offered by traders at tenders remain high, Minister of Supply Khaled Hanafi told Reuters on Wednesday.
A rice tender was cancelled last week after the state buyer was unable to agree on prices with suppliers.
Another tender was held on Tuesday and the results are expected on Thursday. Traders have said the government is insisting on prices which are not feasible.
The North African country produced 3.75 million tonnes of rice in the 2015 season and carried over 700,000 tonnes from 2014. With consumption at 3.3 million tonnes, that leaves a surplus of more than 1 million tonnes.
But the government's failure to stockpile rice earlier in the season has left it at the mercy of traders, some of whom have been unwilling to sell to the state and are choosing to stockpile as domestic prices of rice are rising daily.
Egypt said last week that it would reinstate an export ban on rice to preserve stocks for the local market and control rising prices.
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