Iran, which is India’s largest market for basmati rice, is likely to lift the ban on rice imports next week. The import ban was earlier slated to be removed in November, but the country had extended it indefinitely due to huge rice stocks at its ports. Despite the ban, Indian traders have been in “anticipatory talks with Iranian buyers and entered into deals to export nearly 100,000 tn of basmati when the ban is lifted. The average price of the deals with Iran has been around $975 per tn so far, against the expectation of $1,000 per tn, because of high supplies in the West Asian country. Iran bans rice imports every year during Jun-Nov to ensure fair returns for its farmers during their harvest period. Nearly 700,000 tn of Indian basmati makes way into Iranian markets every year.