With approximately 200,000 mts exported in the first 8 months with the help of 25000 mts imports from other origins including rejections from customers, the largest producer amidst covid lock down, is set to establish new high domestic Prices in the coming days.
With a lower crop compared to previous year and a huge carryover stock on paper, many Importers delayed coverage for the third and last quarter and we’re resorting to hand to mouth buying.
Many buyers could not digest the record high freight rates and were delaying purchases are now ready to bite the bullet with the peak domestic price and weekly increasing Ocean Freight.
With rumors of Brazil banning its pepper exports to European union with continued heavy rejections the entire world has only two sources :Vietnam where we are already feeling the squeeze for raw material and Indonesia hardly left with 15 days of Vietnam exports.
Mostly traded vietnam 500 gl MC trading above USD 4000 FOB and 4150 for 570 gl Asta by buyers who buy on a monthly basis in the coming days we will see record high prices as inventories with exporters exhausted fulfilling new orders without replacement due to lock down.
Stay Covered till new crop 2022 which is already reported smaller than 2021 Crop .
Best Regards
Jojan Malayil
Bafna Enterprises/India
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