Weak demand, quiet market, less interested buyers, cautious suppliers

Pepper prices today, September 27, 2024, in the domestic market continued to decrease in key localities, trading from 149,000 - 150,000 VND/kg.

Pepper price today September 27, 2024: Weak demand, quiet market, less interested buyers, cautious suppliers. (Source: Borneo Talk)

Pepper prices today, September 27, 2024, in the domestic market continued to decrease in key localities, trading from 149,000 - 150,000 VND/kg.

Specifically, pepper price today in Gia Lai is at 150,000 VND/kg.

Pepper prices today in the provinces of Dong Nai (149,000 VND/kg); Dak Lak (150,000 VND/kg); Dak Nong (150,000 VND/kg); Ba Ria - Vung Tau (149,000 VND/kg) and Binh Phuoc (149,000 VND/kg).

Thus, continuing the downward trend, domestic pepper prices today fell sharply in key localities, with a decrease of 2,000 - 3,000 VND/kg. The highest pepper price was at 150,000 VND/kg.

Weak demand in major importing countries has made the market quite quiet, buyers have shown little interest in pepper products and have been slow to make purchases. Suppliers (farmers/collectors/agents) have also been very cautious in supplying raw materials. Weak demand has pushed pepper prices down continuously in recent sessions.

The entry of Indonesia, one of the “big guys” in pepper production, into the main harvest season from July has “poured” a large amount of pepper into the world market. Thereby, the estimated pepper output of this country in 2024 can reach 85,000 tons, an increase of 5% compared to the previous year.

In Indonesia, some major production areas have completed harvesting. Producers have sold a large amount of products. Pepper prices here are increasing rapidly by 200-300 USD/ton and most exporters are limiting their offers.

The Import-Export Department cited data from the European Statistical Office, saying that in the first 7 months of the year, the EU imported 37.94 thousand tons of pepper from non-bloc markets, worth 179.54 million EUR (equivalent to 199.79 million USD), up 31.6% in volume and 45% in value over the same period last year.

Notably, in the first 7 months of the year, Vietnam was the largest pepper supplier to the EU with a volume of 24.88 thousand tons, worth 112.5 million EUR (equivalent to 125.2 million USD), up 38.9% in volume and 58.1% in value over the same period last year.

Vietnam's pepper market share in the EU's total imports from extra-bloc markets increased from 62.16% in the first 7 months of 2023 to 65.58% in the first 7 months of 2024.

According to the Import-Export Department, in general, Vietnam's pepper industry still has an advantage in the EU market thanks to its quality supply and competitive prices. However, to increase the value of pepper in the coming time, Vietnam needs to focus on producing organic spices for export, meeting global tastes in general and the EU market in particular.

At the end of the most recent trading session, the International Pepper Community (IPC) listed the price of Lampung black pepper (Indonesia) at 6,963 USD/ton, up 0.62%; the price of Brazilian black pepper ASTA 570 at 6,600 USD/ton, down 2.27%; the price of Kuching black pepper (Malaysia) ASTA at 8,800 USD/ton.

Muntok white pepper price is 9,458 USD/ton, up 0.61%; Malaysian ASTA white pepper price is at 11,200 USD/ton.

Vietnam black pepper prices are trading at 6,800 USD/ton for 500 g/l; 7,100 USD/ton for 550 g/l; and 10,150 USD/ton for white pepper. IPC continues to increase in Indonesia while decreasing in Brazil.

Source: https://baoquocte.vn/gia-tieu-hom-nay-2792024-luc-cau-yeu-thi-truong-tram-lang-nguoi-mua-it-quan-tam-nha-cung-cap-than-trong-287795.html