Pepper prices today, September 5, 2024, in the domestic market continued to increase in key localities, trading from 151,000 - 152,000 VND/kg.
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| Pepper price today September 5, 2024: Continuing the upward trend, purchasing power from China and the Middle East increased, the market is vibrant. (Source: Black Pepper Plant) |
Pepper prices today, September 5, 2024, in the domestic market continued to increase in key localities, trading from 151,000 - 152,000 VND/kg.
Specifically, pepper price today in Gia Lai is at 151,500 VND/kg.
Pepper prices today in the provinces of Dong Nai (151,000 VND/kg); Dak Lak (152,000 VND/kg); Dak Nong (152,000 VND/kg); Ba Ria - Vung Tau (151,500 VND/kg) and Binh Phuoc (152,000 VND/kg).
Thus, continuing the increase of yesterday, domestic pepper prices today increased steadily in all key localities, increasing by 1,500 - 2,000 VND/kg. This is the 5th consecutive day of increase in the market. The highest pepper price is at 152,000 VND/kg.
Ptexim's latest report stated that strong demand from the Chinese and Middle Eastern markets has caused pepper prices to increase rapidly recently.
In the first 7 months of 2024, China's pepper imports from Vietnam reached only 8,059 tons (compared to the normal annual import level of 50,000-57,000 tons from Vietnam, excluding the years of the Covid-19 pandemic). However, last week, demand from China returned with immediate orders in large quantities of 3,000 to 4,000 tons.
The company said it appeared that China's inventories had fallen significantly after a long period of minimal purchases, forcing it to buy in large quantities to make up for the shortage of raw materials as global pepper production is expected to continue to decline over the next few years.
In addition, there is also strong demand from the Middle East market for orders immediately after selling out cheaper imported stocks earlier this year, making the pepper market more active.
China's domestic pepper market also recorded a rapid increase, rising from 47 yuan/kg to 51 yuan/kg in just two days, corresponding to an increase of 8.5% in a very short time.
In addition, demand from the Middle Eastern market after selling out cheap imported inventory earlier this year is also very large, making the pepper market more vibrant.
According to the Import-Export Department (Ministry of Industry and Trade), the global pepper supply is supplemented as Indonesia enters a new harvest season, starting in July. However, Brazil - the world's second largest black pepper producer, is facing continuous crop failures due to drought.
According to experts, signs of supply shortage compared to demand will continue to be recorded in the 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.
In the world market, at the end of the most recent trading session, the International Pepper Community (IPC) listed the price of Lampung black pepper (Indonesia) at 7,488 USD/ton, down 0.13%; the price of Brazilian black pepper ASTA 570 at 7,000 USD/ton; the price of Kuching black pepper (Malaysia) ASTA at 8,500 USD/ton.
Muntok white pepper price is 8,817 USD/ton, down 0.14%; Malaysian ASTA white pepper price is at 10,400 USD/ton.
Vietnam black pepper price is traded at 6,100 USD/ton for 500 g/l; 550 g/l at 6,500 USD/ton; white pepper price is at 8,800 USD/ton. IPC continues to reduce Indonesian pepper price for the third consecutive day.
Source: https://baoquocte.vn/gia-tieu-hom-nay-592024-noi-dai-da-di-len-suc-mua-tu-trung-quoc-va-trung-dong-tang-thi-truong-soi-dong-285017.html
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