Pepper market on February 22, 2024: 3 reasons pushing pepper prices to touch 95,000 VND/kg

Pepper price today February 22 is in the range of 94,000 - 95,00 VND/kg. Pepper prices today increased by 4,000 - 5,000 VND/kg in the remaining localities compared to the same time yesterday. This is the third consecutive day of strong increase in the domestic market, bringing domestic pepper prices to 95,000 VND/kg.

In Dak Lak and Dak Nong provinces,  today's pepper price was purchased at 95,000 VND/kg, an increase of 4,000 VND/kg.

In Gia Lai province, today's pepper price is at 95,000 VND/kg, an increase of 4,500 VND/kg.

Meanwhile in Dong Nai, pepper price today is at 94,000 VND/kg, an increase of 4,000 VND/kg.

In Ba Ria - Vung Tau province, pepper price today is at 94,500 VND/kg, an increase of 5,000 VND/kg.

In Binh Phuoc province, today's pepper price was purchased at 94,500 VND/kg, an increase of 4,000 VND/kg.

Pepper prices today increased by 4,000 - 5,000 VND/kg in the remaining localities compared to the same time yesterday. This is the third consecutive day of strong increase in the domestic market, bringing the domestic pepper price to around 95,000 VND/kg.

According to preliminary statistics of the Vietnam Pepper and Spice Association, in the first 15 days of February 2024, Vietnam exported 5,687 tons of pepper. Of which black pepper reached 4,886 tons, white pepper reached 801 tons. Total export turnover reached 22.7 million USD. The main export enterprises include: Olam: 615 tons, Lien Thanh: 578 tons and Nedspice Vietnam: 570 tons.

The first half of February 2024 is the period when the Vietnamese market has an extended Lunar New Year holiday, so export volume decreased sharply. It is expected that export volume will increase sharply in the second half of the month due to the accumulation of demand for spot orders in the first quarter of 2024. This is also one of the reasons why pepper prices have increased sharply in recent days.

According to experts, this year people in the Central Highlands and Southeast are having good savings and income from durian gardens and fruit trees, so they are not in a hurry to sell pepper, so it is not easy to "pressure" the price of pepper. pepper.

Another reason must also be mentioned is the purchasing power from Chinese traders. According to experts, usually after the Lunar New Year, Vietnam is in peak autumn, which is also the time when Chinese traders increase their search for sources of goods.

Pepper is mainly used as a spice and in the food industry. It is a product favored by Chinese consumers and widely used in many localities. This year's winter is cold and long, causing many people to turn to hot, spicy dishes such as hot pot, grilled..., in which pepper is one of the indispensable spices.

At the end of the most recent trading session, the International Pepper Community (IPC) listed Lampung (Indonesia) black pepper price at 3,905 USD/ton; Brazilian black pepper price ASTA 570 is at 4,100 USD/ton; Kuching (Malaysia) ASTA black pepper price remained at 4,900 USD/ton.

Muntok white pepper price 6,157 USD/ton; Malaysian ASTA white pepper price is still at 7,300 USD/ton.

Vietnam black pepper price is trading at 3,900 USD/ton with 500 g/l type, 550 g/l type at 4,000 USD/ton; White pepper price is at 5,700 USD/ton.