Vietnam pepper market update 11th March 2024 – Week 10

We would like to send you a quick highlight Vietnam pepper market update 11th March 2024 – Week 10.

Last week, the price of pepper has some downward adjustments as it is currently the main harvesting season, leading to a more abundant supply. The price of pepper has decreased from 96,500 VND to 95,000 VND, a decrease of 1.55%.

 Demand continues to be strong from various markets such as the US, EU, Asia, Africa, especially for immediate and further shipment in 2024.

 The amount of pepper being offered for sale has become very limited as the market adjusts downwards. Farmers and agents continue to prioritize storing goods.

The price of coffee has also approached the price of pepper. Therefore, many farmers have sold coffee and bought pepper to increase their inventory with the expectation that the price of pepper will rise in 2024.

 

 Update the latest domestic and world pepper prices on March 4, 2024

Pepper price  today is 4/3 in the world

In the world, the pepper market on March 4 remained stable in many countries.

Accordingly, the price of Lampung black pepper in Indonesia is anchored at 3,896 USD/ton. The price of Muntok white pepper in this country remains at 6,142 USD/ton.

Malaysia's Kuching ASTA black pepper price remained stable at 4,900 USD/ton; This country's ASTA white pepper is still priced at 7,300 USD/ton.

For the Brazilian market, the price of ASTA 570 black pepper is at 4,270 USD/ton.

In Vietnam, export prices of black pepper grades 500 and 550 g/l remained at 3,900 and 4,000 USD/ton, respectively. The export price of white pepper reached 5,700 USD/ton.

Pepper type	Price (Unit: USD/ton)	Change
Lampung black pepper (Indonesia)	3,896	–
Brazilian black pepper ASTA 570	4,270	–
Kuching black pepper (Malaysia) ASTA	4,900	–
Muntok white pepper	6.142	–
ASTA Malaysian white pepper	7,300	–

Today's world pepper prices  have no new fluctuations. Summing up last week, the global pepper market fluctuated in opposite directions with only India reporting a decrease.

Thus, world pepper prices on March 4, 2024 were flat compared to yesterday.

Pepper price today  is 4/3 in the country

Domestically, the pepper market on March 4 had no new fluctuations compared to yesterday.

Specifically, Dak Lak and Dak Nong traded at 95,500 VND/kg;

In Gia Lai, pepper price today remains at 93,000 VND/kg;

In Dong Nai, traders buy it at a price of 93,500 VND/kg;

The latest pepper price in Ba Ria - Vung Tau still reaches 95,500 VND/kg;

Binh Phuoc traders trade at 95,000 VND/kg.

Province	Price	Up and down
Dak Lak	95,500	–
Dak Nong	95,500	–
Gia Lai	93,000	–
Dong Nai	93,500	–
BA Ria Vung Tau	93,500	–
Binh Phuoc	95,500	–

Latest domestic pepper price list dated March 4, 2024. Unit: VND/kg

 Domestic pepper prices  today  are flat with the highest level reaching 95,500 VND/kg. Summarizing last week, the domestic pepper market increased rapidly from 3,000 - 4,000 VND/kg.

Evaluating this week, experts believe that domestic pepper will still be anchored at a high level, the upward momentum is still there but is no longer strong when new crops are about to hit the market.

Mr. Hoang Phuoc Binh - Vice Chairman of Chu Se Pepper Association (Gia Lai) commented that the general trend this year is that prices will continue to increase and can completely return to the mark of more than 100 thousand VND/kg in the near future. time is not far away.

Global and Vietnamese pepper production is forecast to decrease, along with many farmers not being in a hurry to sell pepper to the market, contributing to scarcity as well as keeping pepper prices high.

Thus, domestic pepper prices on March 4, 2024 are trading around 93,000 - 95,500 VND/kg.

According to Nongnghiep.vn

Pepper Talk// Pepper Market Report by Royal Golden// Week 10 – 2024

 

Week 9 ended firm on Saturday at level 96,000 VND per kg after some reported covering from shippers that had happened at level 95,000 VND. 
Overall, since the beginning of the year, black pepper prices have increased by about 14%. Having about an upsurge of 28% for February this year compared to last year same month period, while about 15% beginning March in comparison to last February beginning. 

Speculations continues as most of the farmers are allegedly a firm believer that pepper price cycle is set to a new record high. Further, with coffee and durian that are keeping them well funded, there seems to no selling pressure happening despite a reported 50% harvested crop already with farmers that are opting to store their pepper, waiting at the right time and price to sell it.  

Today, market remains firm, opening up with some buying demand happening. 
Muntok White Pepper remains stable to firm still being influenced by Vietnam bullish trend in addition to raw material that are very scarce.   

Brazil still few offers available. Local material last seen at level 19 BRL/kg.

In terms of ocean freight scenario, with Red Sea situation that continues to impact the capacity and equipment, carriers are announcing GRI/PSS/contingency charges with pressure for the additional cost involve for the rerouting via Cape of Good Hope. Expectations are that the Peak Season quantum will be mitigated or even softens by March month but that would remain to be seen. 

Pepper market on March 3, 2024: Increased from 1,000 VND/kg to 3,000 VND/kg in the past week

 

Pepper prices today  (March 3) fluctuate between 92,000 - 93,500 VND/kg. Last week, the pepper market tended to go up. Compared to the beginning of the week, key provinces recorded the highest increase of 3,000 VND/kg.

According to the survey, the lowest price is currently 92,000 VND/kg recorded in Dong Nai and Gia Lai provinces, increasing by 2,000 VND/kg and 3,000 VND/kg respectively. Next is Ba Ria - Vung Tau province with an increase of 1,000 VND/kg, currently priced at 93,000 VND/kg.

This is also the pepper price recorded in Dak Lak and Dak Nong after increasing by 1,500 VND/kg last week.

Currently, Binh Phuoc province has the highest pepper price of 93,500 VND/kg, an increase of 1,500 VND/kg compared to last weekend.

Update pepper information

The pepper market increased 8% last week and is up 12.6% since January 2024, according to Peppertrade.

On Saturday, February 24, black pepper prices decreased after peaking at 98,000 VND on February 22, 2024. By the end of the week, the price increased to 94,000 VND. Overall, black pepper prices increased by 8% compared to last week. Since the beginning of 2024, black pepper prices have also increased by 12.6%.

Many farmers and agents believe that coffee prices are unlikely to increase by 400 USD/ton this year.

However, black pepper prices are likely to increase by $1000 - $1500/MT in the near future. Therefore, many farmers and agents continue to prioritize selling coffee and switch to storing black pepper, leading to a lower amount of black pepper traded on the market than in previous years.

On many social networking forums (with more than 200,000 members), many farmers have begun to expect that black pepper prices will continue to increase by at least 20-30% in the near future. This has reinforced the psychology of stockpiling black pepper in the farming community. Farmers increasingly believe in the increasing price cycle of black pepper and almost refuse to sell when the market adjusts downward.

According to VietnamBiz.vn

Guatemala origin Cardamom Update: - February 25

Season is nearing its end, with over 85% of the crop harvested. Expectations are that the crop will be 50% less vs last season, worse than expected.
We also believe next crop starting in October will be short again as the damage from the long summer period in 2023 will continue to affect production. 

In terms of demand, with the price increase some destination markets are quiet and profit taking is going on.
We are entering the Ramadan season and significan sales at destination are expected, which will reduce inventories at destination and will generate additional demand from origin after Ramadan. 

Gulfood in this sense was ok, decent sales were done but sentiment was not aggressive. 

Vietnam pepper market update 26th February 2024 – Week 8

 

Pepper Market Up 8% last week and Up 12.6% from Jan 2024.

 • On Saturday 24th Feb, the price of black pepper decreased after reaching a peak of 98,000 VND on February 22nd, 2024. By the end of the week, the price had increased again to 94,000 VND. Overall, the price of black pepper increased by 8% from the last week. Since the beginning of 2024, the price of black pepper has also increased by 12.6%.

 
• Many farmers and agents have the thought that coffee prices may be difficult to increase by an additional $400/MT this year. However, black pepper prices could potentially increase by $1000 - $1500/MT in the near future. Therefore, many farmers and agents continue to prioritize selling coffee and switch to storing black pepper, leading to a lower volume of black pepper being traded on the market compared to previous years.
 
• On many social media forums (with over 200,000 members), many farmers have started to have expectations that black pepper prices will continue to increase by at least 20-30% in the near future. This has strengthened the sentiment of storing black pepper in farming communities. Farmers are increasingly confident in the price increase cycle of black pepper and almost refuse to sell when the market adjusts downwards.

Pepper market February 24, 2024: Domestic pepper prices turned around after 4 days of strong increase

 

Pepper price today February 24 is in the range of 92,500 - 95,500 VND/kg. After 4 days of strong increases, the market corrected slightly. This week, pepper prices decreased in India and remained stable in Indonesia while the domestic market in Vietnam increased sharply.

In Dak Lak and Dak Nong provinces,  today's pepper price is purchased at 92,000 VND/kg.

In Gia Lai province, today's pepper price is 91,000 VND/kg.

Meanwhile in Dong Nai, today's pepper price is at 91,500 VND/kg, down 3,500 VND/kg.

In Ba Ria - Vung Tau province, pepper price today is at 91,000 VND/kg, down 3,000 VND/kg.

In Binh Phuoc province, today's pepper price was purchased at 91,500 VND/kg, down 3,500 VND/kg.

Pepper prices today decreased by 2,500 - 3,500 VND/kg in localities in the Southeast region, remaining unchanged in the remaining provinces compared to the same time yesterday. After 4 days of strong increases, the market corrected slightly.

This week, many local press agencies have begun to report on the new pepper crop. Most of them show the excitement of farmers when pepper prices increase, but they also show a decline in output, favorable harvesting staff, and more speculative psychology than last year.

Pepper prices in the domestic market increased due to limited supply, while businesses still had a need to buy to ensure export progress.

According to statistics from the Department of Crop Production and Plant Protection of Ba Ria-Vung Tau province, up to now, Ba Ria-Vung Tau province is cultivating more than 10,400 hectares of pepper, down more than 280 hectares compared to the beginning of 2023.

According to the Department of Agriculture and Rural Development of Gia Lai province, by the end of 2023, the whole province will have 8,798 hectares of pepper, with an output of about 28,580 tons. Data from the Ministry of Agriculture and Rural Development shows that the pepper growing area in Vietnam in 2023 will reach 115 thousand hectares, down 5,000 hectares compared to 2022. Output in 2023 will reach 190 thousand tons, an increase of 3.8% compared to 2022.

At the end of the most recent trading session, the International Pepper Community (IPC) listed Lampung (Indonesia) black pepper price at 3,922 USD/ton, an increase of 0.25%; Brazilian black pepper price ASTA 570 is at 4,350 USD/ton; Kuching (Malaysia) ASTA black pepper price remained at 4,900 USD/ton.

Muntok white pepper price was 6,184 USD/ton, up 0.26%; 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.

IPC assesses that this week's pepper market continues to have mixed reactions. Domestic and international Indian pepper prices continue to be reported with a downward trend since last week. Both domestic and international Indonesian pepper prices were stable this week due to few transactions in the market. Meanwhile, Vietnam's domestic pepper prices increased well.

According to KTĐT.vn