Pepper Market on September 20, 2024

 

Pepper Market on September 20, 2024: Trading price at 151,000 VND/kg

Posted onSeptember 20, 2024by VPA

September 20

Pepper price today September 20 is around 150,000 - 151,000 VND/kg.

At the end of the most recent trading session, the International Pepper Community (IPC) listed the price of Lampung black pepper (Indonesia) at 7,589 USD/ton; the price of Brazilian black pepper ASTA 570 at 7,000 USD/ton; the price of Kuching black pepper (Malaysia) ASTA at 8,800 USD/ton.

Muntok white pepper price is 9,154 USD/ton; Malaysian ASTA white pepper price is at 10,900 USD/ton.

Vietnam black pepper price is traded at 6,800 USD/ton for 500 g/l; 550 g/l at 7,100 USD/ton; white pepper price at 10,150 USD/ton.

According to the Vietnam Industry and Trade Information Center (VITIC), in Indonesia, some major production areas have completed harvesting. Producers have sold a large amount of products. Pepper prices in Indonesia are increasing rapidly by 200-300 USD/ton and most exporters are limiting their offers.

Since the beginning of 2024, Indonesia's pepper exports have increased sharply, in contrast to the decline of leading producing countries such as Brazil or Vietnam.

Data shows that by the end of July 2024, Indonesia's pepper exports reached 22,829 tons, worth more than 111 million USD, up sharply by 55.6% in volume and 59.6% in value over the same period last year. Indonesia's average pepper export price in the first 7 months of the year was 4,869 USD/ton, up 2.5% over the same period. This is a fairly modest price increase compared to other leading producing countries and the general level of the international market in recent times.

Currently (18-21/11/2024), the International Pepper Community is holding its 52nd Annual General Meeting, and the International Spice Exhibition (52nd IPC ASM ISE) in Sri Lanka.

Themed “Regenerative Pepper Cultivation: Beyond Sustainability”, the 52nd IPC ASM ISE aims to promote the rejuvenation and regeneration of pepper gardens in producing countries, thereby ensuring the path to prosperity of the global pepper industry. The 52nd Annual General Meeting of the International Pepper Community is expected to attract the largest gathering of the spice industry to Sri Lanka.

According to KTĐT.

 

Warning of new fraud tricks in international trade

Posted onSeptember 19, 2024by VPA

September 19

The Vietnam Trade Office in Pakistan warns Vietnamese businesses about new fraud tricks in international trade. 

As the Trade Office reported in the previous issue, by impersonating a business, the scammer tricked a Vietnamese business into transferring money to buy raw materials for export processing and tricked a Pakistani business into exporting low-quality raw materials to Vietnam, leading to the Vietnamese business having its money stolen and the Pakistani business unable to sell the poor-quality goods in Vietnam and also unable to retrieve the goods due to disputes. The cost of storing goods at the port, the shipping line's fines and the cost of plugging in the refrigerated container are increasing day by day. The Trade Office has proposed that the two businesses negotiate an agreement to minimize losses. Either the Vietnamese business deposits a sum of money so that the Pakistani business agrees to deliver the goods or the Pakistani business deposits a sum of money so that the Vietnamese business agrees to re-export the goods. But such a proposal is no different from asking the Vietnamese business to pay a second time for the unusable goods or asking the Pakistani business to buy back its own goods.

The case is continuing to develop in the direction that related banks in Vietnam and Pakistan are at risk of becoming victims. The scammer used many professional techniques to cause confusion and errors for both Vietnamese and Pakistani banks. Thanks to that, the scammer overcame the security barriers of the bank to open accounts and receive and successfully withdraw money from the bank. To open a fake business account at a Pakistani bank, the scammer established a self-employed business (PROPRIETORSHIP COMPANY) to circumvent Pakistani law on business names that can be the same as any business. And to make sure to fool the bank, the scammer also removed a hyphen from the business name. In order to withdraw money from the account without having to present the delivery documents and necessary documents according to the strict regulations of Pakistani law on international payments and control against money laundering and terrorist financing, the scammer instructed Vietnamese businesses to include in the Vietnamese bank's money transfer notice the two words: "ADVANCE PAYMENT" (advance payment).

According to Pakistani law and international payment practices, exporting enterprises do not need to and cannot present delivery documents when withdrawing prepayment in the form of a deposit to implement the delivery of goods. However, based on other contents of the remittance notice of the Vietnamese bank and other regulations on international payment management of Vietnam and Pakistan, both the Vietnamese bank and the Pakistani bank are at risk of being held responsible for mistakes and errors. The Vietnamese bank did not check the export contract and the export payment invoice, which clearly stated the amount transferred abroad as: "BALANCE PAYMENT/REMAINING BALANCE" (final settlement), so it mistakenly included the two words: "ADVANCE PAYMENT" (advance payment) in the remittance notice, creating a loophole for the fraudster to withdraw money from the Pakistani bank. The Bank of Pakistan has failed to fully perform its responsibility of customer due diligence and payment monitoring as per the international payment regulations (URC 522, URBPO 750) and KYC-CDD (KNOW YOUR CUSTOMER-CUSTOMER DUE DIGILANCE) regulations of the State Bank of Pakistan.

For the Trade Office, it is regrettable that the Vietnam Trade Office in Pakistan lost to the scammer even though it had detected the subject and the scam, promptly warned and recommended to terminate the relationship with the scammer, but the Vietnamese enterprise did not consider the warning information and did not implement the Trade Office's recommendations. The warning for the Trade Office is that this scam is dangerous because local enterprises are also deceived. Therefore, if the Trade Office goes to the partner's headquarters and the bank to verify when receiving a request for support in verifying the partner of the Vietnamese enterprise, the risk of the Trade Office itself being deceived is very high because all the partner's information is true. The Vietnam Trade Office in Pakistan promptly detected this new subject and scam thanks to a bit of luck: Just before that, the scammer had used this same scam to deceive the Vietnamese enterprise, but the Pakistani partner was not deceived and cooperated with the Trade Office to expose the scammer.

 Source: Vietnam Trade Office in Pakistan

Pepper Market September 19, 2024

 

Pepper Market September 19, 2024: Price increases again

Posted onSeptember 19, 2024by VPA

September 19

Pepper price today September 19 is around 149,000 - 150,000 VND/kg.

Preliminary statistics from the Vietnam Pepper and Spices Association show that in the first 15 days of September 2024, Vietnam exported 6,917 tons of pepper, with a total export turnover of 42.3 million USD.

The main exporting enterprises in the first 15 days of September include: Olam Vietnam: 970 tons, Phuc Sinh: 743 tons, Haprosimex JSC: 568 tons, Tran Chau: 561 tons and Nedspice Vietnam: 480 tons.

On the other hand, Vietnam imported 706 tons, with a total import turnover of 3.7 million USD. Olam Vietnam, Tran Chau and Phuc Thinh were the three largest importers, reaching 149 tons, 109 tons and 105 tons. Indonesia and Brazil were still the two main pepper suppliers to Vietnam, reaching 359 tons and 245 tons.

In the first 15 days of August 2024, Vietnam exported 10,082 tons of pepper, with a total export turnover of 58.8 million USD. Compared to the previous month, pepper exports are decreasing sharply, equivalent to 30%. This is one of the reasons for the sharp drop in domestic pepper prices in the past 3 sessions.

At the end of the most recent trading session, the International Pepper Community (IPC) listed the price of Lampung black pepper (Indonesia) at 7,589 USD/ton, down 0.08%; the price of Brazilian black pepper ASTA 570 at 7,000 USD/ton; the price of Kuching black pepper (Malaysia) ASTA at 8,800 USD/ton.

Muntok white pepper price is 9,154 USD/ton, down 0.08%; Malaysian ASTA white pepper price is at 10,900 USD/ton.

Vietnam black pepper prices are trading at 6,800 USD/ton for 500 g/l; 7,100 USD/ton for 550 g/l; and 10,150 USD/ton for white pepper. IPC reduced pepper prices in Indonesia while keeping them stable in other countries.

According to KTĐT.vn

 

 

 

 

Pepper Market September 17, 2024: Price slightly decreased again

Posted onSeptember 17, 2024by VPA

September 17

Pepper prices today, September 17, range from 152,000 to 155,000 VND/kg. Pepper prices early this morning decreased by 1,000 VND/kg in the Dak Lak - Dak Nong area. IPC sharply reduced pepper prices in Brazil at the beginning of the week while remaining stable in other countries.

In Dak Lak province, pepper price today is purchased at 155,000 VND/kg, down 1,000 VND/kg.

In Dak Nong province, pepper price today is purchased at 155,000 VND/kg, down 1,000 VND/kg.

In Gia Lai province, pepper price today is at 154,000 VND/kg.

Meanwhile in Dong Nai, pepper price today is at 154,000 VND/kg.

In Ba Ria - Vung Tau province, pepper price today is at 155,000 VND/kg.

In Binh Phuoc province, pepper price today is purchased at 152,000 VND/kg.

Pepper prices this morning decreased by 1,000 VND/kg in Dak Lak - Dak Nong area, remaining stable in the remaining provinces compared to the same time yesterday. The market has adjusted again after the sideways days at the end of the week.

At the end of the most recent trading session, the International Pepper Community (IPC) listed the price of Lampung black pepper (Indonesia) at 7,562 USD/ton; the price of Brazilian black pepper ASTA 570 at 7,000 USD/ton, down 400 USD/ton, equivalent to 4.29%; the price of Kuching black pepper (Malaysia) ASTA at 8,800 USD/ton.

Muntok white pepper price is 9,121 USD/ton; Malaysian ASTA white pepper price is at 10,900 USD/ton.

Vietnam's black pepper price is trading at 6,800 USD/ton for 500 g/l; 7,100 USD/ton for 550 g/l; white pepper price is at 10,150 USD/ton. IPC sharply reduced Brazilian pepper prices at the beginning of the week while keeping them stable in other countries.

The International Pepper Community commented that the market in the second week of September showed a positive response when no producing country recorded a decrease.

In South Asia, after two weeks of stability, domestic and export pepper prices in India increased last week. Meanwhile, domestic pepper prices in Sri Lanka continued to increase over the past two weeks.

Indonesian black pepper prices continue to be stable. Meanwhile, white pepper prices recorded an increase last week.

After two weeks of decline, domestic pepper prices in Malaysia stabilized last week. Export prices continued to increase.

Vietnam's domestic and international pepper prices have also been recorded by IPC to increase over the past two weeks.

Prices of Brazilian black pepper and Chinese white pepper recorded an increase. Meanwhile, prices of Cambodian black pepper remained stable and unchanged.

According to KTĐT.v

Pepper Market September 16, 2024

 

Pepper Market September 16, 2024: Prices slightly decreased in some areas

Posted onSeptember 16, 2024by VPA

September 16

Pepper price today, September 16, is around 153,500-155,000 VND/kg. This week's market will be affected by the FED's interest rate cut in the policy meeting taking place in the next few days.

Commenting on the market this week, experts said it will be affected by the FED cutting interest rates by 0.25 or 0.5 percentage points in the policy meeting taking place in the next few days.

The news of interest rate cuts has weakened the USD for a long time, helping commodity markets to flourish, including pepper. On a global scale, the International Pepper Community also noted that last week no country reported a decrease in pepper prices.

Along with that, increased purchasing power from the markets, and concerns about supply are still two constant reasons expected to continue to boost pepper prices this week. Experts predict that if the upward momentum continues as it has since the beginning of the month, the domestic market this week could reach 160,000 VND/kg.

By the end of August, Vietnam exported 183,756 tons of pepper of all kinds, of which black pepper reached 162,721 tons and white pepper reached 21,035 tons. Total pepper export turnover reached 881.2 million USD (of which black pepper reached 754.1 million USD and white pepper reached 127.1 million USD). The amount of pepper exported has exceeded last year's output. Meanwhile, there are still 4 months left until the harvest. This raises concerns about supply in the last months of the year from Vietnam.

According to KTĐT.vn

Pepper Market September 10, 2024

 

Pepper Market September 10, 2024: Price increased slightly compared to yesterday

Posted onSeptember 10, 2024by VPA

September 10

Pepper prices today, September 10, ranged from 154,000 to 155,000 VND/kg. IPC adjusted pepper prices in Indonesia in opposite directions while keeping them stable in other countries at the beginning of the week. Vietnam's domestic and export pepper prices both increased in the first week of September 2024.

At the end of the most recent trading session, the International Pepper Community (IPC) listed the price of Lampung black pepper (Indonesia) at 7,542 USD/ton, down 0.48%; the price of Brazilian black pepper ASTA 570 at 7,500 USD/ton; the price of Kuching black pepper (Malaysia) ASTA at 8,800 USD/ton.

Muntok white pepper price is 9,097 USD/ton, up 1.91%; Malaysian ASTA white pepper price is at 10,900 USD/ton.

Vietnam black pepper prices are trading at 6,600 USD/ton for 500 g/l; 7,000 USD/ton for 550 g/l; and 9,300 USD/ton for white pepper. IPC adjusted pepper prices in Indonesia in opposite directions while keeping them stable in other countries at the beginning of the week.

The International Pepper Community commented that the market in the first week of September continued to show mixed reactions.

Specifically, in the South Asian region, domestic and export pepper prices in India have been stable since last week. Meanwhile, domestic pepper prices in Sri Lanka have increased over the past week.

In Southeast Asia, after two weeks of increases, domestic and international pepper prices in Indonesia stabilized last week, amid more inventory in the market after some major producing regions completed their harvest.

Malaysian domestic pepper prices continued to decline over the past two weeks. After remaining stable for four consecutive weeks, the country’s export prices recorded an increase last week.

Brazilian black pepper prices continued to increase over the past three weeks. Meanwhile, Cambodian black pepper and Chinese white pepper prices remained stable and unchanged. Meanwhile, domestic and export pepper prices in Vietnam both increased in the first week of September 2024.

Previously, the Vietnam Pepper and Spice Association said that the average export price of black pepper in the past 8 months reached 4,712 USD/ton, white pepper reached 6,326 USD/ton, up 1,270 USD for black pepper and 1,371 USD for white pepper compared to the same period last year. By the end of August, Vietnam had exported 183,756 tons of pepper of all kinds, far exceeding the output of this year's harvest.

According to KTĐT.vn

Pepper market update 9th Sept 2024 – Week 36

 

 

-      Last week, the price of pepper increasing from 156,000 VND to 159,000 VND, corresponding to a 1.92% increase.

-      The demand is very good in various markets such as the EU, Middle East, and Asian countries, while demand from China has quieted down again compared to last week after the sharp increase in pepper prices in week 35.

-      However, at the end of the week on Saturday and Sunday, demand from China surged again, making the market more active.

 -      Shipping rates to the U.S. have been significantly reduced by about $2,000 per 40-foot container in the past week. Other routes such as the EU, Asia, and Africa have maintained stable shipping rates with little change.

 -      The VND continued to strengthen by about 1%, which has led to an increase in the price of pepper when converted to USD. It is forecasted that the VND will continue to appreciate as the USD may weaken due to the Fed lowering interest rates.

 

 

Please see the REPORT FILE & FULL QUOTATION LIST by click to download.

https://ptexim.com.vn/reports/report-of-the-pepper-market-and-other-spices-in-august-2024/