In September, the spices market experienced steady to weak prices compared to last month. Several factors have caused the change in the costs for the spices this month. Here is a brief overview of how each herb fared and their spot prices in the market in September.
Fenugreek FAQ Machine Clean and Sortex both experienced a downward trend this month. Sortex started the month at $1,106 per kg FOB, then fell to $1,105 per kg FOB before closing the market this month at $1,07 per kg FOB.
Coriander had a price fluctuation. The bearish trend of the spice is due to higher sowing in the major growing regions. Also, the weak demand from the mills of the South is the cause of prices dropping for the spice. However, it is believed that the prices will improve in the coming days as the festivals will start. All the varieties of Coriander followed the same trend. For example, Coriander’s 5% Split opened the market this month at $1,055 per kg FOB, then decreased to $1,050 per kg FOB. It then significantly increased to $1,125 per kg FOB before slipping to $1,120 per kg FOB and $1,105 per kg FOB. Towards the middle of the month, the price of the spice once again increased to $1,130 per kg FOB and then fell to $1,100 per kg FOB. Last week the trend for Coriander was up when the price reached $1,135 per kg FOB from $1,105 per kg FOB before dropping to $1,11 per kg FOB at the end of the week. Thus, the Coriander market closed on a lower price trend.
Cumin varieties also experienced a downward trend till the middle of the month before the prices started picking up. Cumin A Grade 99% Pure was $2,19 per kg FOB at the beginning of the month and held the price steady for few days. After that, it slipped consecutively for a couple of days from $2,12 per kg FOB to $2,12 per kg FOB. The downward slide continued with Cumin A Grade 99%, recording the market prices at $2,08 per kg FOB to $2,04 per kg FOB. However, the prices started picking up towards the month-end and increased to $2,06 per kg FOB and then to $2,07 pkg FOB. The trend improved due to an increase in the traders’ buying and demand for export. According to traders, the price increase is also due to the less sowing of the crop compared to last year.
Fennel prices were also southward throughout the month. The Fennel Seeds A Grade 995 opened the market at $1,61 per kg FOB, and the next day it dropped to $1,54 per kg FOB and held the price steady till the end of the month. It further slipped to $1,49 per kg FOB before closed the month.
The turmeric market experienced a weak demand throughout the month, and the markets being closed at Kesamudram due to trade meetings. Also, the alert for the Gulab cyclone resulted in the markets at Nanded and Nizamabad being closed. All these factors resulted in a constant price drop for Turmeric. Despite a slight increase in the price at the beginning of the month at $1,21 per kg FOB, it started slipping and closed the market at $1,13 per kg FOB. The lowest prices recorded were$1,18 per kg FOB throughout the month, then $1,17 per kg FOB. After this, towards the end of the month, turmeric prices decreased for three consecutive days to $1,15 per kg FOB, then $1,14 per kg FOB before sliding to $1,13 per kg FOB. The price given is for Turmeric Salem, but the trend was the same for all the other varieties.
Nutmeg and Nigella trends were steady to weak. With nutmeg recording the lowest at $5,50 per kg FOB and closed the month at the same price after it slipped from $6,18 per kg FOB towards the end of the month. Nigella Seeds Machine Clean and Sortex quality had a similar trend. Sortex decreased from $3,16 per kg FOB to $3,40 per kg FOB. It slipped further to $3,16 per kg FOB, then to $3,06 per kg FOB before closing this month.
Cardamom had mixed pricing this month. It experienced an increase in the price earlier this month to $23,05 per kg FOB before decreasing to $19,12 per kg FOB. Once again, towards the middle of the month, the spice’s price increased to $21,64 per kg FOB and then to $21,74 per kg FOB before decreasing for two consecutive days at $20,62 per kg FOB and $2052 per kg FOB before closing the market. The trend was the same for all its varieties. The prices given here are for Green Cardamom 8mm. The sudden price slump towards the end of the month is due to a record increase in the arrival of the crop.
Red Chilli market sentiment was also steady to weak. The increased demand in export for the varieties like Teja, 335 Byadgi, S10, and 334 is the cause of the stable market. The prices are expected to get better with the arrival of festivals. The price for Red Chilli S4 stemless decreased to $2,07 per kg FOB from $2,10 per kg FOB and then decreased further to $2,065 per kg FOB to $2,060 per kg FOB and then to $2,00 per kg FOB. After that, in the middle of the month, the price increased to $2,010 per kg FOB and then to $2,015 per kg FOB before ending the month on a steady note.
Black Pepper prices were supported by lower supply and will stay the same as the export demands increase amidst more insufficient supply from Vietnam and Brazil. Black Pepper 500 GL reported a price increase from $ 526 per kg FOB to $5,30 per kg FOB and then $5,35 per kg FOB earlier this month. However, towards the middle of the month, the price slipped to $ 5,29 before picking up at $5,30 per kg FOB. The positive trend continued for Black Pepper as it increased to $5,33 per kg FOB before closing the market at $5,34 per kg FOB.
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