The lifting of the export ban on onions triggered a series of price fluctuations in the market. Initially soaring after the ban was lifted, prices swiftly declined due to a surge in supply. The ban was lifted with a minimum export value of 500 USD and a 40% export duty. However, in the following 2-3 days, the rates fluctuated after the ban was lifted.
Onion prices went through a rollercoaster ride post the export ban was lifted on May 4. Initially rising to Rs. 2100 per quintal from Rs. 1300, the prices swiftly dropped to between Rs. 900 to Rs. 1600 by May 8. This sudden decline was due to a surge in supply, with the APMC reporting 3.45 lakh quintals of onions on May 6.
Lasalgoan APMC, the largest onion market in Asia, saw prices fall from Rs. 2000 on Saturday to Rs. 1600 after Sunday. On May 7, a significant supply of 1,20,673 quintals was noted across various APMC markets.
The supply and rates in different APMC in Nashik on May 7 :
APMC | Supply | Min | Max | Avg |
Lasalgoan | 6610 | 900 | 1900 | 1600 |
Pimpalgoan | 34351 | 400 | 2025 | 1500 |
Vinchur | 18450 | 850 | 2400 | 1800 |
Sinnar | 4617 | 500 | 1696 | 1500 |
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400 Containers Stuck at JNPT, Released for export late on Tuesday
Amidst the fluctuating onion market, approximately 400 containers remained stranded at the Jawaharlal Nehru Port Trust (JNPT). The JNPT website failed to update crucial information post the export ban lift, leading to confusion regarding export duties. Consequently, the containers, loaded with onions, were unable to proceed with exportation.
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The website was eventually updated on Tuesday, allowing the resumption of the export process. However, this delay had a ripple effect on onion market rates. Bharat Shinde, president of the Maharashtra State Container Owner Association, highlighted the burden faced by container owners, citing discrepancies in export duty rates due to the lack of timely updates. “ The clearance about the export duty, cased chaos at port. The containers reached at port on Saturday while the actually export process started late on Tuesday. “ he added.