Continuing the upward trend, traditional markets are not in a hurry to buy, it is difficult to repeat the shocking price increase.

Pepper prices today, August 16, 2024, in the domestic market suddenly increased slightly in key localities, trading from 139,000 - 140,000 VND/kg.

Pepper price today August 16, 2024: Continuing the upward trend, traditional markets are not in a hurry to buy, it is difficult to repeat the shocking price increase. (Source: Shutterstock)

Pepper prices today, August 16, 2024, in the domestic market suddenly increased slightly in key localities, trading from 139,000 - 140,000 VND/kg.

Specifically, pepper price today in Gia Lai is at 140,000 VND/kg.

Pepper prices today in the provinces of Dong Nai (139,500 VND/kg); Dak Lak (140,000 VND/kg); Dak Nong (140,000 VND/kg); Ba Ria - Vung Tau (139,500 VND/kg) and Binh Phuoc (139,000 VND/kg).

Thus, continuing yesterday's increase, domestic pepper prices today increased sharply in key localities, increasing by 1,500 - 2,000 VND/kg. The highest pepper price is at 140,000 VND/kg.

According to experts, signs of supply shortage compared to demand will continue to be recorded in the pepper market in the coming time. In addition, rapidly increasing freight costs and port congestion in Asia also affect prices in import markets, and may cause shipping delays, causing prices to increase in the medium and long term.

VPSA believes that the next crop's output may be equivalent or slightly higher than in 2024. There is not much inventory left in the market, pests and diseases still exist but are not significant, and people can handle some common diseases such as yellow leaves, slow death, net bugs, algae spots, and nematodes.

Mr. Le Duc Huy, General Director of Dak Lak 2/9 Import-Export Company Limited - Simexco, said that Vietnam's inventory is about 30%, equivalent to 50,000 - 55,000 tons.

The Import-Export Department believes that the Vietnamese pepper industry will benefit from price increases in the coming time due to scarce supply. This could also open up opportunities for Vietnam to increase its market share and further consolidate its position in key markets such as the US, China and Europe.

However, Mr. Huy said that in the first half of this year, Vietnam's traditional purchasing markets imported a large amount of pepper. This means that they are not in a hurry to buy more goods and are waiting.

Therefore, he believes that although the supply shortage continues, pepper prices will hardly increase as sharply as at the beginning of the year.

“Pepper prices are likely to remain at this level in the near future. Farmers still expect prices to increase dramatically again, but in my opinion, this is very difficult,” said Mr. Huy.

Domestically, pepper prices reached an 8-year peak in June 2024 at VND180,000/kg, and the market is currently around VND140,000/kg. The new crop is expected to be harvested after Tet (February 2025) with a slightly higher output than the previous crop of 170,000 tons, leaving Vietnam's inventory at about 30%, equivalent to 50,000 - 55,000 tons.

At the end of the most recent trading session, the International Pepper Community (IPC) listed the price of Lampung black pepper (Indonesia) at 7,424 USD/ton, up 1.21%; the price of Brazilian black pepper ASTA 570 at 6,175 USD/ton; the price of Kuching black pepper (Malaysia) ASTA at 8,500 USD/ton.

Muntok white pepper price is 8,741 USD/ton, up 1.21%; Malaysian ASTA white pepper price is at 10,400 USD/ton.

Vietnam black pepper price is trading at 5,800 USD/ton for 500 g/l; 550 g/l at 6,200 USD/ton; white pepper price at 8,500 USD/ton. IPC continues to increase pepper price in Indonesia.

Source: https://baoquocte.vn/gia-tieu-hom-nay-1682024-noi-dai-da-di-len-thi-truong-truyen-thong-chua-voi-mua-hang-kho-tai-dien-dot-tang-gia-soc-282738.html