The sesame market is exciting after the long-awaited Korean Sesame Tender was finally released on 18th July 2023. This tender announcement is set to ignite sesame prices, and there are two primary reasons behind this potential rise—firstly, the Korean Tender itself, and secondly, the surge in sesame production.
The Korean Tender offers a whopping 8100 Metric tonnes, divided into three parts. The first bid number, AT2606-SI-23(779), accounts for 1800 MT, followed by AT2607-SI-23(780) with 1800 MT, and lastly, AT2607-SI-23(778) for a massive 4500 MT. Bidding Registration commenced on 18th July 2023 at 00:00 and will close on 31st July 2023 at 14:00. According to the announcement. All shipments must reach Busan Port within the specified deadline.
A price surge?
This exciting tender announcement has sparked a frenzy in the sesame market, increasing the anticipation of a price surge. The second contributing factor is the remarkable expansion in sesame cultivation. As per the latest reports, sesame is now cultivated over a staggering 0.4733 million hectares in India, with Uttar Pradesh leading the pack, covering almost 0.3182 million hectares. In comparison, during the same period last season, it was sown in only 0,2190 million hectares.
This substantial increase in sesame cultivation indicates a promising potential for a bountiful harvest. With such a significant rise in sesame production, the market will likely witness a ripple effect, impacting prices in the coming days. The combination of the Korean Tender’s magnitude and the surge in sesame cultivation paints a picture of a thriving market, hinting at a prosperous season for sesame traders and farmers alike. The excitement remains palpable as the tender registration window draws close and the sesame market stands on the brink of a transformation.