Domestic prices slightly decreased; pepper prices are unlikely to increase as strongly as at the beginning of the year.

Pepper price today, August 29, 2024, in the Southeast region decreased by 500 - 1,000 VND/kg compared to yesterday, trading around 142,000 - 143,500 VND/kg, the highest purchase price in Dak Lak province is 143,500 VND/kg.

Accordingly, the price of Dak Lak pepper was purchased at 143,500 VND/kg, down 500 VND/kg compared to yesterday. The price of Chu Se pepper (Gia Lai) was purchased at 143,000 VND/kg, down 1,000 VND/kg compared to yesterday. The price of Dak Nong pepper today was recorded at 143,000 VND/kg, unchanged compared to yesterday.

Pepper price today August 29, 2024: Domestic price slightly decreased; pepper price is unlikely to increase as strongly as at the beginning of the year

In the Southeast region, pepper prices today decreased by 1,000 VND/kg compared to yesterday. Specifically, in Binh Phuoc , pepper prices today are at 142,000 VND/kg, down 1,000 VND/kg compared to yesterday. In Ba Ria - Vung Tau, it is currently at 142,000 VND/kg, down 1,000 VND/kg compared to yesterday;

Thus, pepper prices today decreased by 500 - 1,000 VND/kg in key regions compared to yesterday, recording the highest price at 143,500 VND, fluctuating in the price range of 142,000 - 143,500 VND/kg.

World pepper price today

Update on world pepper prices from the International Pepper Community (IPC), at the end of the most recent trading session, IPC listed the price of Indonesian Lampung black pepper at 7,511 USD/ton, and the price of Muntok white pepper at 8,844 USD/ton.

Brazilian ASTA 570 black pepper prices remained stable at USD 6,450/ton. Malaysian ASTA black pepper prices remained stable at USD 8,500/ton; the country’s ASTA white pepper prices reached USD 10,400/ton.

Vietnam's black pepper price is trading at 6,100 USD/ton for 500 g/l, up 4.92%; 550 g/l is at 6,500 USD/ton, up 4.62%; white pepper price is at 8,800 USD/ton, up 3.41%.

The Vietnam Pepper and Spice Association said that the purchasing power of the Chinese market has not shown any signs of improvement until the end of the year. However, the world demand for pepper is increasing and the EU region is still a large consumer market for Vietnamese pepper.

The pepper processing capacity of Vietnamese enterprises is very large, reaching 140,000 tons/year, which is an opportunity to help the Vietnamese pepper industry develop in the coming time.

The Department of Quality, Processing and Market Development (Ministry of Agriculture and Rural Development) said that at this time, the Vietnam Pepper and Spice Association plays a very important role in orienting the industry, especially in terms of management and balancing production and trade scale.

Vietnam is dominating the world pepper and spice market. To orient this industry, the Ministry of Agriculture and Rural Development is working with the Vietnam Pepper and Spice Association to develop a variety of standards and carry out certification for pepper-related products. Thereby, helping this industry continue to develop steadily.

Mr. Le Duc Huy - General Director of Dak Lak 2/9 Import-Export Company Limited - Simexco, a company in the Top 7 pepper export market share, said that pepper prices have increased sharply but sellers are not in a hurry. Many growers have not sold yet but choose to wait for prices to increase further, sometimes this makes them miss opportunities.

According to Mr. Huy's analysis, Vietnam's inventory is about 30%, equivalent to 50,000 - 55,000 tons. Mr. Huy believes that although the supply is still lacking, pepper prices are unlikely to increase as strongly as at the beginning of the year. Farmers expect pepper prices to increase again, but Mr. Huy personally believes that this is unlikely to happen.

Domestic pepper price on August 29, 2024