India may introduce floor price for basmati rice exports, sources say

India may introduce floor price for basmati rice exports, sources say

India could fix the floor price, or the minimum export price, for basmati rice shipments at $1,200 a metric tone.

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Mumbai: India may introduce a floor price for basmati rice exports, sources familiar with the matter said, after New Delhi last month ordered a halt to non-basmati white rice shipments, its largest rice export category.



India could fix the floor price, or the minimum export price, for basmati rice shipments at $1,200 a metric tone, they said.







The minimum export price would help authorities ensure that non-basmati rice is not exported as basmati rice, they said.





India and Pakistan exclusively grow premium, aromatic basmati rice. India ships out around 4 million metric tons of basmati rice to countries such as Iran, Iraq, Yemen, Saudi Arabia, the UAE and the United States.





Last month, India surprised buyers by imposing a ban on the export of widely consumed non-basmati white rice, following a ban on broken rice exports last year.