Pepper market on June 5, 2024, pepper prices continue to increase rapidly in many provinces
Jun
In the domestic market
The latest survey shows that pepper prices today continue to increase in many localities.
Specifically, pepper prices in provinces are standing at 144,000 VND/kg, an increase of 1,000-2,000 VND/kg compared to yesterday.
On the world world market
According to an update from the International Pepper Association (IPC) on June 4 (local time), the trading price of Lampung black pepper (Indonesia) increased by 0.02%, the purchasing price of Brazilian black pepper ASTA 570 and the price of Kuching black pepper (Malaysia) ASTA remained stable compared to June 3.
| Type name | World black pepper price list (Unit: USD/ton) | ||
| June 3 | June 4 | % change | |
| Lampung black pepper (Indonesia) | 5,633 | 5,634 | +0.02 |
| Brazilian black pepper ASTA 570 | 5,900 | 5,900 | 0 |
| Kuching black pepper (Malaysia) ASTA | 4,900 | 4,900 | 0 |
At the same time of the survey, the purchasing price of Muntok white pepper increased by 0.03%, while the Malaysian ASTA white pepper price had no new adjustments.
| Type name | World white pepper price list (Unit: USD/ton) | ||
| June 3 | June 4 | % change | |
| Muntok white pepper | 7,422 | 7,424 | +0.03 |
| ASTA Malaysian white pepper | 7,300 | 7,300 | 0 |
The driving force for price increases comes from global supply shortages, while demand is recovering positively; Along with that, sea freight rates increased sharply again, causing pepper export costs to increase.
Under “new normal” conditions, voyages will be longer but with fewer port calls. Routing around the Cape of Good Hope is a temporary solution to avoid risks in the Red Sea but also leads to consequences in terms of cost, time and especially increased transport emissions due to the long route. This causes a shortage of empty containers and makes a shipping crisis imminent.
The current increase in pepper prices is much higher than the most optimistic forecasts made at the beginning of the second quarter of 2024 with the prediction that pepper prices will only reach 110,000 VND/kg by the end of this quarter.
According to industry experts, the pepper market has entered a new price increasing cycle with a period lasting from 8 to 10 years, according to information from The Gioi and Vietnam newspapers.
According to VietnamBiz.vn
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