Egyptian imports send Indian onion prices crashing
On Friday, 11 August, the rates per quintal in Chandwad APMC were Rs 700 minium and their maximum price was Rs 2,341 and the average was Rs 2,050 while on Wednesday, 16 August, the minimum price per quintal was Rs 700, the maximum price was Rs 2,020 and the average was Rs 1,800.
The APMC was closed for the last four days and on Thursday, leading onion trader Nitin Jain said that he had received information from traders that about 10 to 15 containers of onions were loaded from Egypt for India. However, the ship will take over three weeks to reach India. Each container carries about 29 tonnes of onion.
Chandwad Agriculture Produce Market Committee chairman Dr Atmaram Kumbharde said that farmers flooded the market with onion over rumours that the imported onion would reduce prices.
1 RS = 0.016 USD
source: asianage.com
