The Hindu Business Line
Iran reinstates ban on rice imports, hampers India’s basmati sales
Iran, India’s largest market for basmati, has reinstated the ban on rice imports, delaying the shipments from India, trade sources said.
The country had lifted the ban on November 22, but immediately re-imposed the curbs. There is no certainty on the when the ban will be lifted again, sources said.
Iran bans rice imports every year during June-November to ensure fair returns for its farmers during their harvesting period. This year, it has extended the ban to prevent a glut in its domestic market. Despite the ban, Indian traders have been in “anticipatory talks” with Iranian buyers and have made deals to export nearly 100,000 tonnes of basmati when the ban is lifted, the exporter said.
The average price of the deals with Iran has been around $975/ tonne so far, against the expectation of $1,000 .