Onion prices in Malaysia seen to go up following Indian export curbs


India set a minimum price of $850 per tonne for overseas sale of onions, a government order said on Thursday, as the price of the politically-sensitive vegetable surged to its highest in two years in the local market. (Malaysian officials checking on prices. - Filepic)

MUMBAI: India set surbs on onion exports and traders see prices suging in Malaysia and some other countries.

India set a minimum price of $850 per tonne for overseas sale of onions, a government order said on Thursday, as the price of the politically-sensitive vegetable surged to its highest in two years in the local market.

Traders cannot export onions below $850 per tonne until the end of 2017, the order said.

Average prices at Lasalgaon, India's largest wholesale onion market in the western state of Maharashtra, rose to 3,211 rupees ($49.62) per 100 kg last week, the highest in two years.

"Exports are not possible at $850. Egypt and Pakistan are selling at much lower level," said a Mumbai-based exporter, who declined to be named.

The Indian curbs on exports could lift prices in key importing countries like Bangladesh, Malaysia, the United Arab Emirates and Sri Lanka, traders said. - Reuters

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

onions , Malaysia , India , exports , curb , prices ,

   

Next In Business News

Fallout in Chinese market weighs on FBM KLCI
Global silicon wafer shipments hit another record high in 2Q
June exports surge past RM105b, boost from trade with China, US
IDC data: China's Q2 smartphone shipments down 11%
Ringgit opens mildly lower on mixed US economic signals
China state media seeks to calm investor nerves after stock rout
China bond bulls unfazed by crackdown on capital markets
Bursa lacklustre after overnight decline on Wall Street
Maybank IB lowers earnings projections on Globetronics
Kenanga maintains 'outperform' on Kossan

Stories You'll Enjoy


Vouchers