The price of gram in Australia fell due to pressure of new goods and limited purchases from India.
26-Oct-2024 01:41 PM
Brisbane. The price of Desi gram for delivery to destinations in Queensland in Australia has fallen sharply by up to $ 250 per tonne in the last few days because on one hand, the pressure of supply of new gram in the market is increasing due to the start of harvesting and preparation of the crop and secondly,
the importers of India are showing very little interest in buying it. Australia had high expectations from India this time but it does not seem so. The Indian government had made the import of gram duty free in May.
During the current marketing season, shipment of new gram stock has been done in two ships from Queensland province, both the ships have been sent to Pakistan.
Till that time the price of gram was running at a high level but now it has come down to such a level which can attract buyers.
Importers from Bangladesh, Pakistan and India may further show interest in buying Australian gram at the current price level.
According to trade analysts, there is no news of any new gram shipment to India, but Pakistani importers are still active, who have booked seven ships of gram for delivery from September 2024 to January 2025.
The average price of gram at Disawari depot in Queensland province has currently come down to around $ 710-735 per tonne, which had reached a high of $ 1000 per tonne early last month.
Producers were earlier selling it at a higher price, but in view of weak export demand, exporters reduced its purchase and hence the producers were also forced to cut their prices.
This time in Australia, the production of gram is estimated to be between 15-17 lakh tonnes, out of which harvesting and preparation of about one-third of the crop has been completed and its process is still going on.
Stock of gram is becoming available for immediate shipment. It was expected that Indian importers could contract the entire available stock of new gram consignment but these buyers have not become active yet.