INDIA: Duty-free raw imports seen for consumers
Published: 03/22/2010, 12:20:23 PM
India may allow makers of cookies and drinks, and other large consumers, to import the raw variety duty-free as it seeks to boost supplies, according to Bloomberg.
The food ministry is considering the proposal, said the official, who declined to be identified as a decision has yet to be taken. Industrial consumers represent as much as 70% of demand.
"The slump in prices resulted in several notable buyers, including India, reportedly walking away from import agreements and seeking to renegotiate supplies on more favorable terms," Commonwealth Bank of Australia's agricultural commodities strategist Luke Mathews wrote in a report Monday. "This added to the bearish sentiment in the market."