The average price of Bangladeshi teas edged higher to 161.46 taka ($2.1) a kg at weekly auction on Tuesday from 159.62 a week earlier, brokers said, after falling continuously over the past four weeks. More than 1.55 million kg of tea were offered, with 21 percent remaining unsold, the National Brokers Limited, the largest tea broking firm in the country, said.
At the previous sale, 1.49 million kg of tea was offered for sale with 20 percent going unsold. The country has recently become a net importer of tea after previously ranking as the world's fifth-largest exporter.
Buyers from the Commonwealth of Independent States and Pakistan usually take part in the auction, held in the country's lone auction centre in the main port city Chittagong.
"There was a better demand in this sale which witnessed a strong competition for better liquoring varieties," National Brokers Limited said in its market report. "Blenders were more active along with fair interest from the loose tea buyers. However, plain teas were once again difficult of sale with substantial withdrawal."
Different grades were sold between 130 taka ($1.8) and 228 taka per kg at the auction, compared with last week's range from 135 taka to 215 taka. The next auction will be held on next Tuesday, July 26 with offer of more than 1.5 million kg.