(MENAFN- Trend News Agency)
Indian basmati rice is getting a premium of $20-30
(₹1,550-2,330) per tonne from countries in the Middle East, as
rumours spread that New Delhi may put a ban on the export of the
commodity to help cool local inflation, Trend reports citing
The
Economic Times .
Exporters have received communication from buyers to urgently
ship the aromatic, long-grain rice, trade sources said. A firm
price trend in global markets has pushed up domestic basmati prices
by up to 15% in the last two weeks. The export price of basmati
rice, which was $1,200 per tonne in November last year when the
crop began arriving, cooled slightly but increased again in the
past two weeks to $1,350. Middle eastern buyers are paying the
premium over this price.
'We are suddenly witnessing a huge demand from the Middle East,'
said Gautam Miglani, who owns Haryana-based basmati rice exporter
LRNK. 'The buyers are offering exporters a premium for urgent
shipping of the grain. Rumours are going around that the government
might put an export ban on basmati rice after it had banned wheat
exports. This is fuelling the exports.'
India had put curbs on wheat exports earlier this month to
control the food grain's price, which has been rising due to
worries over global short supplies amid the events in Ukraine. But
traders said there had been no indication of India banning rice
exports.
'We do not know from where these rumours of export ban are
spreading,' said Vinod Kaul, executive director of the All India
Rice Exporters Association.
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