Mumbai, 05 Apr 2024 (Commoditiescontrol):Imported matar (pea) prices are continuing to increase across major Indian markets, with reported hikes of Rs 25-50 per quintal. This upward trend is being fueled by robust demand. Despite this, the domestic price of imported matar remains lower than landed costs, further bolstering prices.
In contrast, desi matar bilty prices in Kanpur for both UP and MP lines have seen a slight decline of Rs 25 per quintal after sharp increases earlier this month. Market participants indicate that this softening is due to the immediate demand being met.
Meanwhile, yellow pea CNF India prices for Canadian and Russian origins range between $460-490 per ton in containers. Canadian prices are experiencing pressure due to expectations of increased acreage in the upcoming season.
India has extended its duty-free import period for peas until the end of June 2024. This marks the second extension and aims to stabilize domestic prices. Shipments must have "on board" bills of lading dated before June 30, 2024, to qualify for duty-free status; after this, imports will be considered "restricted," effectively banning them.
The brief uptrend in matar prices is expected to pause due to the government's extended duty-free imports, ensuring sufficient supplies. However, robust demand should prevent any significant price drops, as matar remains the most affordable pulse.
Spot Matar Prices In Key Indian Markets:
(By Commoditiescontrol Bureau; +91-9820130172)
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