Pepper price forecast on June 15 in the domestic market will increase in some key localities, trading at 160,000 – 161,000 VND/kg.
Specifically, today’s pepper price in Gia Lai is 160,000 VND/kg.
Pepper price today in Dong Nai provinces (160,000 VND/kg); Dak Lak (160,000 VND/kg); Dak Nong (162,000 VND/kg); Ba Ria – Vung Tau (161,000 VND/kg) and Binh Phuoc (161,000 VND/kg).
Pepper price today (June 15): Deeply reduced, growers expect a “golden age”.
Thus, after a very sharp decrease (down 19,000 VND/kg), domestic pepper prices today suddenly increased in most key localities compared to yesterday, an increase of 1,000 – 6,000 VND/kg. The highest pepper price was recorded at 162,000 VND/kg.
The sudden shock in pepper prices mainly comes from “overheated” speculation when pepper prices have continuously increased sharply in the past 2 weeks. The increase in pepper prices may trigger a part of pepper growers and agents to sell pepper stored in stocks from other seasons to the market.
Industry experts assess that price adjustment is necessary to help the market become more balanced. However, the price level is unlikely to fall deeply as pepper prices have entered a new price increase cycle, which could last 8-10 years, in the context of low global pepper supply but demand is increasing again. .
According to data from the Vietnam Pepper and Spice Association (VPSA), by the end of May 2024, Vietnam had exported 114,424 tons of pepper, equivalent to nearly 70% of the current crop’s output. This makes the supply increasingly narrow, the amount of pepper for export is not much left while the 2025 harvest season is still 8 months away.
To solve this problem, Vietnamese businesses have increased the import of pepper from other countries for processing. However, buying raw materials from abroad also faces many difficulties due to rising world pepper prices and decreasing pepper output from other large producing countries such as Brazil, India, Indonesia….
Data from the International Pepper Association (IPC) shows that the price of Brazilian black pepper ASTA 570 is trading at 8,300 USD/ton, an increase of nearly 2.5 times compared to the beginning of this year.
VIET GENERAL