Pepper price today August 25, 2024 in the domestic market is stable in most key localities, trading from 142,000 - 145,000 VND/kg.
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| Pepper price today August 25, 2024: Market reacts in mixed ways, businesses have difficulty purchasing, the reason why prices are constantly high. (Source: Borneo Talk) |
Pepper price today August 25, 2024 in the domestic market is stable in most key localities, trading from 142,000 - 145,000 VND/kg.
Specifically, pepper price today in Gia Lai is at 144,000 VND/kg.
Pepper prices today in the provinces of Dong Nai (144,000 VND/kg); Dak Lak (145,000 VND/kg); Dak Nong (145,000 VND/kg); Ba Ria - Vung Tau (144,000 VND/kg) and Binh Phuoc (142,000 VND/kg).
Thus, after 4 consecutive days of increase, domestic pepper prices today are stable in most key localities, with the only decrease recorded in Binh Phuoc, a decrease of 2,000 VND/kg. The highest pepper price is at 145,000 VND/kg.
Recently, Mr. Duong Duc Quang, Deputy General Director of the Vietnam Commodity Exchange (MXV) said that since the beginning of 2024, domestic pepper prices have continuously remained high.
The main reason comes from the problem of supply shortage. Pepper growing area in our country has decreased sharply in recent years, causing output to tend to decrease, not enough to meet market demand.
In 2024, domestic pepper output is estimated at about 170,000 tons, the lowest level in the past 5 years. In the global market, there is also a pepper shortage, the world is expected to have a shortage of 64,000 tons of pepper this year.
Domestic and international shortages cannot be compensated in a short time, creating conditions for high prices, thereby earning large export turnover despite reduced export volume.
According to data from the General Department of Vietnam Customs, Vietnam's pepper exports by the end of May 2024 reached 109,330 tons with a turnover of 469 million USD, down 16.8% in volume but up 15.4% in value compared to the same period in 2023.
Meanwhile, China's return to purchasing also had a strong impact on pepper prices. Specifically, in May 2024, the amount of pepper exported to the Chinese market reached 3,137 tons; 4.8 times higher than the previous month and the highest level achieved in the past 11 months.
Despite the high prices, businesses still have difficulty purchasing raw materials because pepper growers expect prices to continue to rise. Farmers in the Central Highlands and Southeast provinces have high incomes from durian and coffee, so they have enough financial capacity to hoard pepper. Many are even willing to store it for 2-3 years and are not in a hurry to sell.
At the end of the most recent trading session, the International Pepper Community (IPC) listed the price of Lampung black pepper (Indonesia) at 7,490 USD/ton, up 0.16%; the price of Brazilian black pepper ASTA 570 at 6,300 USD/ton; the price of Kuching black pepper (Malaysia) ASTA at 8,500 USD/ton.
Muntok white pepper price is 8,818 USD/ton, up 0.16%; 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 is at 8,500 USD/ton. IPC increases Indonesian pepper price after 1 day of decrease.
Summing up this week, IPC said the market continued to show mixed reactions, with only India and China recording declines.
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