PANAMA - Sep 18/20 - SNS -- International lentil markets finished the week's trading on a strong note on expectations of strong demand from India.
The government again reduced basic import duties on lentils by 20 points to 10% for all origins except the United States and to 30% for that country. The reduction will be in effect until October 31. Importers will continue to pay a 10% tax on duties paid.
The government is hoping additional imports will help lower the retail price of masoor dal or split red lentils. Between March and August, the average price in India rose 15% from U.S. $905 to $1035 per metric ton (MT).
Average prices have trended upward since March, with the first large jump recorded in April, when prices rose 9%, followed by a 4% month over month increase in May. Though trending upward, monthly gains have remained under 1%.
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