Turmeric prices remain firm as the export demand is roaring. Traders say that due to the increase in production this year, there was a sharp decline in its prices after the arrival of the new crop. With good export demand, turmeric prices have remained strong for the last few months.
Demand supports recovery
Currently, the export demand is supporting the recovery in turmeric prices. Turmeric was sluggish before September, and as the festive season arrived, its downward journey took a pause.
Good-quality turmeric is sold at $0,90 to $0,91 per kg in Nizamabad shops. Had the export demand not been strong, turmeric prices would still have remained below $0,85. The new crop of turmeric will start coming in February. After that, the cost of turmeric can fall by $0,06 per kg.
Future Scenario
Frostbite in turmeric growing areas is not considered suitable for the crop. That’s why the prices of turmeric have increased this month as well. According to government data, the country is estimated to produce 1.331 million tonnes of turmeric in the year 2021-22, which is about 18% more than the production of 1.124 million tonnes during the year 2020-21.
Looking at the current scenario, the market veterans predict that there is no possibility of a significant fall in its costs before the new crop arrives in February.
The Turmeric finger Salem prices were recorded at $0,99 per kg FOB.