Domestic pepper price today
Pepper price today, August 5, 2024, in the Southeast region decreased by 1,000 VND/kg in some localities compared to yesterday, trading around 145,000 - 146,000 VND/kg, the highest purchase price in Dak Lak, Dak Nong, Ba Ria - Vung Tau provinces is 146,000 VND/kg.
Specifically, Dak Lak pepper price was purchased at 146,000 VND/kg, down 1,000 VND/kg compared to yesterday. Chu Se pepper price (Gia Lai) was purchased at 145,000 VND/kg, down 1,000 VND compared to yesterday. Dak Nong pepper price today was recorded at 146,000 VND/kg, down 1,000 VND/kg compared to yesterday.
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| Pepper price today August 5, 2024: Continues to fluctuate strongly, waiting for a price adjustment |
In the Southeast region, pepper prices today decreased by 1,000 VND/kg compared to yesterday. Specifically, in Ba Ria - Vung Tau, it is currently at 146,000 VND/kg, down 1,000 VND/kg compared to yesterday; in Binh Phuoc, pepper prices today remain at 146,000 VND/kg, down 1,000 VND/kg compared to yesterday.
Thus, today's pepper price, August 5, decreased by 1,000 VND/kg in some localities in key growing areas, recording the highest price of 146,000 VND, fluctuating in the price range of 145,000 - 146,000 VND/kg.
At the end of July 2024, the average pepper price in the domestic market fluctuated around 148,000 - 149,000 VND/kg. Thus, the pepper price on the last day of the month could not bounce back from the resistance level of 150,000 VND/kg.
The average domestic pepper price in July reached VND 150,000/kg, up 82.9% compared to January and up 120.6% compared to the same period in 2023. The average black pepper price in the first 7 months of 2024 increased by 66.5% compared to 2023. Shortage of supply due to reduced harvest output in Vietnam and Brazil is the main reason for the increase in pepper prices since the beginning of the year.
Exports from major producers in the world have had contrasting patterns. In the first half of 2024, the world's two leading exporters, Vietnam and Brazil, fell by 6.8% and 6%, respectively. In the same direction, Malaysia's exports also fell by 8.1%, while Indonesia and India's exports increased by 48.3% and 34.1%.
Compared to the same period in 2023, in the first 6 months of 2024, the average FOB price of black pepper and white pepper in most major producing countries increased sharply, except for India. Specifically, the average FOB price of black pepper increased by 27% and the average FOB price of white pepper increased by 14% compared to the same period last year. The strongest increase was recorded in Brazilian black pepper, followed by Vietnam and Indonesia.
Domestic pepper price on August 5 , 2024
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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 7,176 USD/ton, and the price of Muntok white pepper at 8,793 USD/ton.
The price of Brazilian ASTA 570 black pepper is at 6,750 USD/ton. The price of Malaysian ASTA black pepper is at 8,500 USD/ton; the price of this country's ASTA white pepper is at 10,400 USD/ton.
Vietnamese black pepper prices remain high at 6,000 USD/ton for 500 g/l; 6,600 USD/ton for 550 g/l; and 8,800 USD/ton for white pepper.
The crop situation and pepper output of various countries will have a strong impact on domestic pepper prices. According to the Vietnam Pepper and Spice Association, Brazil is continuing to harvest pepper in the Espírito Santo region and in November in the Para region, it is estimated that the country will harvest about 60 thousand tons more. Climate change (La Nina) will affect the production of Brazilian pepper in the coming months.
According to some farmers in the Espirito Santos region, the harvest in 2024 may be 25-30% lower due to the hot weather causing the first batch of flowers to fall off almost completely and the fruit set ratio of the second and third batches of flowers is quite low, so it is expected to only reach about 70% compared to last year. Overall, the whole country in 2024 may decrease by 20-25% compared to 2023. The average export price of Brazilian pepper in the first 6 months of the year reached 3,810 USD/ton, up 29.3% over the same period last year, of which the export price in June increased by 31.1% compared to January 2024.
Indonesia is expected to harvest in August (later than usual from July) but the output is not optimistic. In the first 6 months of 2024, the average FOB price of Indonesian black pepper has increased continuously since February with an increase of 16% compared to the second quarter of 2023 and an increase of 30% compared to the first quarter of 2023. Similarly, the average FOB price of Indonesian white pepper also increased by 9% and 5% compared to the first quarter of 2023 and the second quarter of 2023, respectively.
The main pepper crop in Sri Lanka will end in July. Sri Lanka's pepper production in 2024 is forecast to be no less than 25,000 tons and could reach 27,000 tons due to favorable weather conditions. The main export market for Sri Lankan pepper is mainly India because Sri Lankan pepper has a high Piperine content suitable for the production of pepper oil and oleoresin.
The general picture of the world pepper industry still shows that the market is facing the problem of supply shortage. This will push domestic and world pepper prices to continue to increase. However, how much and when will the increase be?
Faced with market dynamics, a number of countries have developed action plans. Meanwhile, Brazil has three sterilized pepper plants and is building two more, which will be completed in 2025, to boost processing and improve quality. In the future, Brazilian pepper will compete better with Vietnam.
*Information for reference only. Prices may vary depending on time and location.
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