Good domestic demand coupled with new export inquires, kept aromatic and non-basmati rice prices firm on Friday. The market sentiment is largely positive and prices may increase in the near future, market sources said.
After several requests made by the big players in the trade, the Government is likely to review the minimum export price of basmati rice. The current MEP, which is $900 for a tonne, is higher than current market prices, and it is a major reason for exports languishing this year. The Government may reduce the MEP by 22 per cent and may set the fresh benchmark floor price for export around $700 a tonne, sources said.
In the physical market, Pusa-1121(steam) quoted at Rs 4,020-4,100 a quintal, while Pusa-1121 (sela) was sold at Rs 3,475-3,520 a quintal. Duplicate Basmati was at Rs 3,150-3,250 a quintal.
Pure Basmati (Raw) sold at Rs 4,500 a quintal, while Pure Basmati (Sela) was sold at Rs 4,100-4,150/quintal.
Permal (sela) was sold at Rs 2,135-2,220/quintal, while Permal (raw) was quoted at Rs 2,150-2,200 .