Indian Mace FOB New Delhi Inches Higher as Kerala Spot Stays Firm

Indian organic Grade‑A mace export offers from New Delhi are edging higher but remain broadly range‑bound, with a marginal uptick keeping the market firmly supported rather than strongly bullish. Stable but tight spot availability in Kerala and softer export volumes are preventing any sharp correction, while near‑term weather risks look manageable. Buyers see little incentive to rush coverage, but sellers show no sign of discounting.

Prices

FOB New Delhi offers for organic Grade‑A brown mace from India are indicated at EUR 30.75/kg FOB New Delhi, slightly above last week, extending a steady, mildly upward trend over the past month. Domestic reference prices in Cochin, Kerala, show mace (red) around INR 1,400/kg as of 17 September 2026, confirming a firm undertone in the key producing state despite limited trade volumes.

Supply & Demand

India’s nutmeg and mace exports fell 35% year on year to 704 tonnes in April–June 2026, the steepest decline among major spices, highlighting restricted exportable surplus and cautious overseas buying. Despite this volume drop, overall spice export values rose, signalling that mace pricing remains firm even as physical flows slow. The combination of lower exports and stable domestic spot prices suggests that internal absorption and stock‑holding are absorbing much of the crop.

Earlier in September, industry commentary already pointed to firm but stable mace values in India, with only marginal gains in export offers and a premium for quality lots in Kerala. With no major new crop‑size news emerging in the last few days, trade flows and logistics rather than fundamentals are driving the short‑term tone. Demand from Europe and the Middle East appears selective, with buyers comfortable maintaining hand‑to‑mouth coverage at current levels.

Weather & Crop Outlook (IN)

Kerala, India’s key nutmeg and mace belt, is forecast to see isolated heavy showers between 17–20 September, following a period of mostly light to moderate monsoon rains. Current alerts focus on localised downpours rather than widespread flooding, which limits immediate risks of harvest disruption or transport bottlenecks for stored mace. Given that a large part of the 2026 mace crop is already in the post‑harvest and curing phase, short bursts of rain are more a logistical than a yield issue.

With no major cyclonic systems or extended heavy‑rain warnings specifically targeting Kerala’s spice‑growing districts over the next few days, the weather backdrop is best described as neutral for mace. This means near‑term price direction is more sensitive to exporter selling interest, freight negotiations and currency moves than to fresh weather shocks.

Fundamentals & Market Tone

• Exports under pressure: The 35% year‑on‑year April–June drop in nutmeg and mace exports underscores tight availability and cautious overseas demand, yet it has not translated into weaker prices.
• Kerala spot support: Cochin mace quotes around INR 1,400/kg indicate that high‑quality lots remain well bid domestically, supporting export offer floors.
• Broader spice complex: Other Indian spices such as pepper and cardamom are also trading firm, suggesting no broad deflationary pressure across the spice basket that might spill over into mace.
• Policy & trade: Recent trade advisories have focused on residue compliance and market access, but there have been no new mace‑specific export curbs or incentives in the last few days, keeping policy risk low in the very short term.

Trading Outlook & 3‑Day View (IN)

• Exporters (India): Consider maintaining current offer levels around EUR 30.75/kg FOB New Delhi for organic Grade‑A, with limited room for discounts unless freight softens. Use any short‑lived dips in Kerala spot to quietly rebuild export stocks.
• Importers (EU/Middle East): For nearby shipments, moderate coverage at current prices looks prudent; meaningful downside appears capped by tight exportable surplus and firm domestic bids. Defer larger long‑term commitments until clearer signals emerge on the next crop’s size and export pace.
• Traders/Stockists (IN): With weather risks contained and exports soft, a mildly bullish bias is warranted but without chasing rallies; focus on quality differentiation, as premiums for top‑grade mace are likely to persist.

3‑day regional price indication (direction only, India):

• FOB New Delhi (organic Grade‑A mace, EUR basis): Bias: sideways to slightly firm around current levels, supported by Kerala spot and limited export selling pressure.
• Cochin/ Kerala domestic spot (INR basis): Bias: steady, with any weather‑related logistical noise unlikely to trigger a sustained correction.