Strong increase again, will a new price zone be established?

Pepper prices are forecast to increase sharply again on August 15, 2024. In the second quarter of 2024, black pepper prices in the domestic market continued to increase, recording a new record high. Accordingly, domestic pepper prices have increased by about 93% compared to the beginning of the year and 2.3 times higher than the same period last year.

The upward price trend continues in July 2024 due to increasing demand while supply is limited.

According to the Vietnam Pepper Association (VPA), the increase in pepper prices in the domestic market is not as expected due to low demand from the Chinese market. Currently, pepper prices in the Chinese market are lower than those in Vietnam, which may be the main reason for the restriction on pepper imports from Vietnam.

Pepper price forecast on August 15, 2024: Strong increase again, will a new price zone be established?

Meanwhile, pepper prices today, August 14, 2024, in the Southeast region increased slightly by 500 - 1,000 VND/kg in some localities compared to yesterday, trading around 137,500 - 138,500 VND/kg, the highest purchase price in Dak Lak and Dak Nong provinces was 138,500 VND/kg.

Specifically, Dak Lak pepper price was purchased at 138,500 VND/kg, a slight increase of 500 VND compared to yesterday. Chu Se pepper price (Gia Lai) was purchased at 138,000 VND/kg, an increase of 1,000 VND compared to yesterday. Dak Nong pepper price today was recorded at 138,500 VND/kg, an increase of 1,000 VND/kg compared to yesterday.

In the Southeast region, pepper prices today increased by 500 - 1,000 VND/kg compared to yesterday. Specifically, in Ba Ria - Vung Tau, it is currently at 138,000 VND/kg, an increase of 1,000 VND/kg compared to yesterday; in Binh Phuoc, pepper prices today are at 137,500 VND/kg, an increase of 500 VND/kg compared to yesterday.

Domestic pepper price on August 14, 2024

Update on world pepper prices from the International Pepper Association (IPC), at the end of the most recent trading session, IPC listed the price of Indonesian Lampung black pepper at 7,334 USD/ton, up 0.49%, and the price of Muntok white pepper at 8,635 USD/ton, up 0.50%.

The price of Brazilian ASTA 570 black pepper remained stable at USD 6,175/ton, up 1.21%. The price of Malaysian ASTA black pepper remained stable at USD 8,500/ton; the price of this country's ASTA white pepper reached USD 10,400/ton.

Vietnam's black pepper price remains at a high level of 5,8000 USD/ton for 500 g/l; 550 g/l at 6,200 USD/ton; white pepper price at 8,500 USD/ton...

Vietnam is located in a region with quite diverse weather sub-regions, especially in the context that Vietnam is facing the upcoming La Nina phenomenon, heavy rain makes it difficult for pepper to set fruit. Many opinions say that it is only by the end of the year, that is, around November and December 2024, that a fairly accurate forecast of output can be made.

Mr. Hoang Phuoc Binh - Permanent Vice President of Chu Se Pepper Association commented that there is currently a lot of conflicting information about the upcoming pepper crop. Some say it will decrease, others say it will increase, so the information is quite confusing. Some gardeners shared that their pepper gardens did not produce fruit in this new pepper crop. However, some gardeners said that they are expected to have a bumper crop. All of this is due to the influence of weather factors.

Regarding this, Ms. Hoang Thi Lien - President of the Vietnam Pepper and Spice Association shared that Vietnam is currently the world's largest pepper export market, accounting for about 55% of the total pepper export volume worldwide. With the current processing capacity of 140,000 tons/year, Vietnam continues to have the potential to increase the proportion of processed exports (currently the proportion of processed exports is only 30%).

Increasing deep processing will help diversify products, increase quality and value, and participate more deeply in the value chain... are solutions to revive the pepper industry.

*Information for reference only. Prices may vary depending on time and location.

Source: https://congthuong.vn/du-bao-gia-tieu-ngay-1582024-tang-manh-tro-lai-lieu-vung-gia-moi-co-duoc-thiet-lap-339040.html