The government said it was imposing a ban on non-basmati white rice after retail rice prices climbed 3% in a month after late but heavy monsoon rains caused significant damage to crops.
The category impacted, non-basmati white and broken rice, accounted for around 10 million tons of a total of 22 million tons of Indian rice exports last year.
His administration has extended a ban on wheat exports after curbing rice shipments in September 2022.
Vietnam’s 5% broken rice was offered at $515 to $525 per metric ton, its highest since 2011.
Buyers may move to Thailand and Vietnam, but their 5% broken rice could cost $600 per metric ton, said one European trader.
Persons:
Narendra Modi, B.V, Krishna Rao, Rice, ” Rao, Rao, El
Organizations:
Delhi Reuters, Rice, Association, Reuters, El Nino
Locations:
Delhi, India, Ukraine, Asia, Thailand, Vietnam, New Delhi, Benin, Senegal, Ivory Coast, Togo, Guinea, Bangladesh, Nepal, Punjab, Haryana, Rice, China, Philippines