Onion prices set to reduce as consignment from Turkey to hit soon

The Metals and Minerals Trading Corporation of India (MMTC) has contracted an additional 12,500 MT of Onions from Turkey as directed by the Price Stabilization Fund Management Committee (PSFMC) of the Department of Consumer Affairs.

MMTC sources said that the latest contract of Onions will begin arriving in India from Mid-January onwards. With this additional 12,500 MT, the total contracted onions so far for imports have gone up to 42,500 MT.

A bulk of the contracted Onions to the tune of approximately 12,000 MT will arrive in India before December 31, 2019, which will then be supplied, to various States in line with their respective demand. This is likely to immediately reduce the prices and improve overall availability.