India maintains basmati rice floor price as grain-export curbs continue

NEW DELHI (Reuters) – India said on Saturday it will maintain the floor price for basmati rice exports until further notice, according to a government order, as the world’s biggest exporter continues to curb overseas shipments of the grain.

India imposed a $1,200 per ton minimum export price (MEP) on basmati rice shipments in August to calm local prices ahead of key state elections.

A government order on Saturday said it would maintain the MEP, initially in place until Sunday, until further notice.

The South Asian country in July banned exports of non-basmati white rice and on Friday imposed a 20% duty on exports of parboiled rice.

The MEP aims to help authorities ensure that non-basmati rice is not exported as basmati rice.

(Reporting by Mayank Bhardwaj; Editing by William Mallard)