The remaining 15 to 20 percent stock of imported coriander will be depleted in the next 15 days.
Demand for coriander will significantly increase in August as spice companies are hand-to-mouth.
In the last two years, due to the Coronavirus, there was limited demand in the market; hence the earnings fell. However, with the pandemic fading, tourism picking up, and the festival season, the demand for spice has increased.
Gujarat coriander has the highest demand every year in all the states of South India, mainly with Andhra Pradesh, Karnataka, Tamil Nadu, and Kerala.
In previous years, large stocks of coriander were available in all these states from the beginning of the season. But this year’s high prices, traders in all these states are hand-to-mouth. As a result, the most significant demand for coriander in Gujarat is now seen in the South.
Currently, 8 to 10 thousand sacks are traded outside Gujarat daily, of which 75 to 80 percent are sold in four South Indian states. Demand for Gujarat’s coriander will increase in the coming festivals in all four states.
Due to low demand, the spice companies reduced their purchase, but from August onwards, the purchase will increase.
Coriander production is less this year, and the carry-forward stock is limited compared to the previous year. Therefore, the new coriander crop will not feature in the market for the next seven months. In this scenario, the price will become bullish for the commodity with improved demand.
The imported coriander stock is running out fast. But the importers who bought the coriander have lost money, and now there is no possibility of any new deal for importing coriander. On the contrary, those who have booked imported coriander have also canceled their bookings.
Coriander Seeds, the Eagle 5% Split Prices were recorded at $1,58 per Kg FOB.