Coriander prices had decreased like every year in the month of May-June, then due to improvement in June-July, at present, every trader, stockist and exporter is in a situation to book profits at a higher price. Coriander market might not see any major movement in September as in August, due to very good rains in the whole country, shippers are selling off the current stock. After the fulfillment of the demand of festivals, the stock of spice companies will be empty and then after the new crop coriander demand will arrive.
The arrival of coriander is decreasing slowly in every state, which is 3 to 5 thousand bags daily in Gujarat, 7 to 8 thousand bags daily in Madhya Pradesh and 3 to 4 thousand bags daily in Rajasthan. Farmers, traders and stockists are currently getting free by selling coriander at high prices.
The stock of coriander is currently estimated to be around 4.5 million bags, out of which 1 to 1.2 million bags are with farmers and village traders, 2.5 million bags with spice companies and 1 million bags.
It is estimated to be lying with stockists and retail traders. The stock of 2.5 million sacks lying with the spice companies is not going to come into the market. The stock lying with the stockists and retail traders will also come into the market at a higher price. Due to this, from the stock of 1 to 1.2 million sacks lying with the farmers, 6 months of the season are yet to be taken out because the arrival of new coriander will start in March in sufficient quantity.
The carry forward stock of coriander remains 2 to 2.5 million sacks every year. But in the current year, due to the tight balance sheet, 1 to 1.5 million sacks are going to be carried forward, which are dead stock because spice companies, traders and farmers have little stock of coriander every year.
There is sufficient stock of coriander at the spice companies and retail counters of the country, due to which there is no possibility of demand coming late in the month of September. After the festive demand in September, small spices companies and retail counters will see a boom when their levy comes out from October due to less stock.
Coriander crop of Russia is more than last year, due to new arrivals starting from July, new coriander of Russia is being received at present. The price of Russian Coriander is $830 to 835 per ton. The price of Indian coriander in the international market is $1600 per ton. China is buying Russian coriander from India for $1200 to 1500 per tonne due to India’s approval to Syria for imports. Due to the severe effect of drought in 60% of China’s area, China is currently buying every agri commodity at a higher price, which includes coriander.
The import of Russian coriander is currently being dealt with in India. 50 containers of Russian coriander arrived in August and 150 containers of Russian coriander are expected to land at Indian ports in September. Russian coriander will arrive in India by December. The Russian Coriander which is going to come to India in August and September, was dealt at a price of $ 850 to 870 per ton, its cost is here from $1,18 to 1,19 per kg, in front of it, Coriander like Russian quality here in $ 1,21 per kg. There is no greater attraction of importing Russian coriander than getting it.
Russian traders and exporters are currently stocking up on seeing a rise in coriander going forward. With this, the price of Russian coriander is estimated to be $ 900 per ton in November-December.
Experts state that in the international market, due to the war of Russia and Ukraine, only 15 to 20% of sowing has resulted in very little production. It will be used for local consumption and in the neighbouring country. In Bulgaria and Romania the crop size is very less visible. The price of coriander in Bulgaria is $1050 per ton. In Syria, both cumin and coriander crops have been greatly reduced due to drought conditions. Coriander of Bulgaria and Romania is currently having little trade with Sri Lanka due to the high quantity of oil in coriander. Because of the economic crisis in Sri Lanka, no one does credit business, so Sri Lankan buyers are buying coriander from Bulgaria and Romania in advance payment.
Looking at the current market condition of coriander, there is no possibility of any major fluctuation in the price of coriander till October, but from October a new phase of the boom will start. Prices might be in the months of October and November.
The Coriander seeds prices were recorded at $1,58 per kg FOB