MUMBAI, Aug 29 — India’s move to impose a 20 per cent duty on exports of parboiled rice has prompted buyers and sellers to postpone shipments of around 500,000 metric tonnes to...
MUMBAI, Aug 29 — India’s move to impose a 20 per cent duty on exports of parboiled rice has prompted buyers and sellers to postpone shipments of around 500,000 metric tonnes to after mid-October to avoid paying the tax, three leading exporters told Reuters today.
“Buyers are postponing the shipments; nobody is willing to pay the duty,” said Himanshu Agarwal, executive director at Satyam Balajee, an exporter. “Even before India imposed the duty, buyers were uncomfortable with the rising prices. Buyers from African countries can’t afford to buy at the current price level,” said Rao.
Importing countries have few options since other big producers Thailand, Vietnam and Pakistan have raised prices in recent weeks, said a New Delhi-based dealer with a global trade house.
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