The Hindu Business Line

Iran re­in­states ban on rice im­ports, ham­pers In­dia’s bas­mati sales

- COGENCIS

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 .

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