Coriander prices are currently two and a half months low as 1,500 to 2,000 tonnes of coriander from Russia have been booked by Indian traders at $790 per tonne for September-October shipment, which will start arriving in India by October end.
The coriander market expected the price to rise to 1,92$ per kg in India, as the imported coriander has been hedged, currently the coriander futures are decreasing.
The demand for Indian Coriander exports is currently the slowest in the world as no one is interested in buying Coriander or other products due to the impact of the economic recession in the world. Currently, buyers are hand to mouth in all commodities.
When the season of coriander started, many traders and exporters made a lot of assumptions that the price would increase to $2,50 per kg, the spice companies bought a large stock of coriander from the beginning of the season. Therefore, at present, there is no big purchase of coriander by the spice companies.
The main reason for the decline in coriander is the early season. The carry forward stock was estimated at 20 to 25 million sacks but old coriander is still being sold in mandis of Gujarat, Madhya Pradesh and Rajasthan.
There is limited stock of coriander in Bulgaria which is currently offering $1500 per tonne but there is no demand for Bulgarian coriander as well as Syria is offering around $1200 to $1300 per tonne.
Coriander cannot be transported from the area of Ukraine where coriander is grown as it is currently under Russia’s control.
According to experts, rising imports of low-cost Russian coriander and large carry-forward old stocks have pushed prices down to $1,15 per kg. Sources further state that, by Diwali Festival in India, demand may increase which can support the market.
The coriander seeds prices were recorded at $1,52 per kg FOB.
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