February 7, 2013 / 2:41 PM / in 5 years

Bangladesh tea dips on supplies of poor grade leaf

DHAKA, Feb 7 (Reuters) - Tea prices in Bangladesh eased in a
second straight weekly auction on Thursday on improved supplies
coupled with poor quality varieties, brokers said.
    The average price of Bangladeshi tea fell to 276.10 taka
($3.5) per kg from 282.53 last week, an official at National
Brokers Limited said.
    Around 1.87 million kg of tea were offered at Bangladesh's
sole auction centre in Chittagong, with more than 26 percent
unsold, compared with 1.6 million kg offered with 26 percent
unsold in the previous auction.
    "There was more tea on offer this week and comprised of a
heavy weight of end of season types. There was less competition
from the blenders while there was a little interest from the
loose tea buyers," National Brokers said in its market report.
    The auction was deferred to Thursday from Tuesday due to
countrywide strikes over the last two days.
    Around 1.7 million kg will be offered at the next auction on
Feb. 12.
    Tea sold at the Chittagong auction is mostly bought by  
domestic buyers.  
    Last January, Bangladesh's tax authority imposed a 25 
percent duty on tea imports to safeguard the local industry. 
    The south Asian country produces 60 million kg of tea a year
against demand of 56 million. Tea consumption is rising by 4.5 
percent annually, in line with steady economic growth. 
    Following are the results of the auction in Bangladesh taka 
per kg.        
 Bold/Large Brokens              Not quoted
 Medium Brokens                  260.00 - 275.00       
 Small Brokens                   270.00 - 285.00
 Plain Brokens                   160.00 - 180.00           
 Best Fannings                   295.00 - 305.00
 Good Fannings                   285.00 - 294.00         
 Medium Fannings                 260.00 - 270.00      
 Plain Fannings                  170.00 - 180.00      
 Pekoe Dust                      Not quoted  
 Red Dust                        170.00 - 330.00 
 Dust                            170.00 - 344.00
 Churamoni Dust                  260.00 - 355.00  

 (Reporting by Ruma Paul; editing by James Jukwey)
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