(August 11) – However, Vietnamese and Sri Lankan pepper is ready to meet the needs of the industry, according to market sources on Business Line.
With the advantage of sharing a national border, so it enjoys border trade status, Sri Lanka continues to promote the sale of pepper to the Indian market thanks to the stronger Rupee exchange rate, which supports imports. Industrialists can easily find Sri Lankan pepper at the ports of Chennai and Mumbai with an average transaction price of Rs 700/kg. However, this phenomenon could affect Indian pepper growers, market sources added.
Although India imposes a very high import tax on pepper to protect domestic pepper prices, until the end of the week, Vietnamese black pepper was still offered for sale at $8,000/ton for 550 Gr/l-FAQ and delivered at any port. According to traders, if 60% of the import tax is added, the price will not be less than Rs 695/kg which is acceptable.
The reason why Vietnamese pepper is said to have dropped in price is due to reports circulating in world markets that next year Vietnam will have a record bumper crop, expected at about 180,000 tons. While other key pepper growing countries also increased production, such as India 70,000 tons, Indonesia 70,000 tons, Brazil 60,000 tons, China 40,000 tons…
Yesterday, Wednesday 10/8, on the futures market only 12 tons of pepper was delivered and traded at Rs 695-703/kg depending on quality and production area.
Spot pepper prices remained stable at Rs 69,000/quintal (US$10,338/ton) for bucket pepper and Rs 72,000/quintal (US$10,787/ton) for pre-processed pepper, but down by Rs 600. compared to the end of last month.
On the IPSTA Spices Association Floor, the August, September and October contracts remained stable at Rs 72,000/quintal, Rs 71,000/quintal and Rs 70,000/quintal respectively (equivalent to $10,787/ton, $10,638/ton), respectively. tons and 10,488 USD/ton).
Indian pepper export price is at 10,950 USD/ton (c&f) for Europe and 11,200 USD/ton (c&f) for delivery in the US, down 75 USD compared to the beginning of the month.
*According to the report of Vietnam’s Agriculture and Rural Development sector, the export volume of pepper in July 2016 is estimated at 15 thousand tons, with a value of 125 million USD, bringing the export volume of pepper in the first 7 months of 2016 to 122 thousand tons and 988 million USD, up 26.1% in volume and 9.2% in value over the same period in 2015. The average export price of pepper in the first 6 months of 2016 reached 8,082 USD/ton, down 13.1% compared to the same period last year. the same period of 2015. The largest pepper export markets of Vietnam in the first 6 months of 2016 were the United States, the United Arab Emirates, India and Germany with 42.9% market share.
*Exchange rate : 1 USD = 66,7443 Rupees
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