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US-Iran Tensions Impact Indian Farmers: Basmati Prices Plummet Amidst Record Harvest
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US-Iran Conflict Strands Indian Basmati, Prices Plummet Amid Record Harvest
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News18
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03-03-2026, 15:39
US-Iran Conflict Strands Indian Basmati, Prices Plummet Amid Record Harvest
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US-Iran conflict in Middle East disrupts shipping, doubling global freight costs and impacting Strait of Hormuz.
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India's Basmati exports, with over half going to the Middle East, severely affected by shipping disruptions.
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Approximately 2 lakh tonnes of Basmati rice are stuck in transit, and 2 lakh tonnes at Indian ports.
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Exporters are avoiding new bookings, prioritizing existing contracts, and may invoke Force Majeure clause.
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Basmati prices fell nearly 6% despite a record harvest, impacting Indian farmers; demand expected to resume post-conflict.
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