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Rice exporter Jindal Industries. Ajay Jindal.
Rice exporter Jindal Industries. Ajay Jindal.
Fatehabad: Due to demand for basmati from Saudi Arabia and Iraq, prices of basmati rice in the state’s mandis have increased by Rs 300 to 400 per quintal after Diwali. With this, the price of 1121 reached almost Rs 4,900 per quintal in Fatehabad markets. Other basmati varieties have also increased. According to exporters, there was a rise in prices after major buyers from Saudi Arabia and Iraq entered the market.
The rise in basmati prices in Fatehabad has made farmers and traders happy. However, 60 percent of the harvest of basmati-producing farmers here has been sold and now prices are suddenly starting to rise. This year paddy was planted in a total area of 37,000 acres in Fatehabad. In this, Basmati varieties alone were sown in 1 lakh 51,000 acres which mainly includes 1401, 1121 and 1509. Parmal rice is procured by the government. Procurement of Parmal rice has been suspended since November 15. The rice fields of the Basmati variety are purchased by private buyers. Its prices completely depend on the international market. After the central government raised the minimum export price to US$1,200 per tonne, private buyers had stopped buying basmati. The government later reduced the minimum export price to US$950 per tonne.
After that, buyers started buying again, but prices did not rise as expected. Meanwhile, farmers began selling rice in the markets, sometimes in the face of rain and sometimes inclement weather. At that time, rice prices were between Rs 3,500 and Rs 4,000 per quintal, but that too was slightly higher than last year. Such an opportunity arose for rice producers after Diwali that there was a rapid demand for basmati in Iraq and Saudi Arabia, the two major rice consuming countries. As soon as it became known in India that large buyers from Saudi Arabia and Iraq were purchasing Basmati rice from the Indian market, the prices of Basmati rice started increasing. On Thursday, the price of 1121 in Fatehabad was between 4850 and 4900. Similarly, the price of 1401 was 4600 rupees and that of 1509 was also 400 rupees more than before.
What do rice exporters say?
According to Fatehabad major rice exporter Ajay Jindal, there was a surge in the market here after Diwali after it was learned that major traders from Saudi Arabia and Iraq had purchased basmati. Now this boom will continue, benefiting both farmers and traders.
Government buys Parmal paddy field
DFSC Vineet Jain said that the government is purchasing Parmal paddy fields. Procurement of Parmal rice was completed on November 15. The rice fields of the Basmati variety are purchased by private buyers. This time the prices of basmati are much higher than last year. These prices completely depend on the international market. With the opening of exports and demand in the Gulf countries, it is natural that basmati prices will increase here.
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