Pepper prices on 08/21/2024: Domestic prices continue to rise

Pepper prices on August 21 globally

Globally, the pepper market on August 21 has shown no new changes.

Specifically, the price of black pepper from Lampung in Indonesia remains at $ 7,472/ton, while white pepper from Muntok in the same country holds at $ 8,798/ton.

The price of black pepper Kuching ASTA from Malaysia remains steady at $ 8,500/ton, while white pepper ASTA from the same country is priced at $ 10,400/ton.

In Brazil, the price of black pepper ASTA 570 continues to trade at $ 6,175/ton.

In Vietnam, the export price of black pepper 500 g/l is trading at $ 5,800/ton, while the 550 g/l variety is priced at $ 6,200/ton. The export price of white pepper remains at $ 8,500/ton.

Global pepper prices today remain stable. Currently, Brazil is the second-largest producer and exporter of black pepper in the world, after Vietnam, accounting for 17 - 18% of the total global supply.

The continuous crop failures in Brazil are expected to have a ripple effect globally, likely driving up global pepper prices in the latter months of 2024 as the supply from other major producing countries such as Vietnam, Malaysia, and Indonesia also significantly declines.

Thus, global pepper prices on 08/21/2024, have seen a slight increase in Indonesia compared to yesterday.

Pepper prices on August 21 domestically

In the domestic market, pepper prices on August 21 continue to rise compared to yesterday.

Specifically, Dak Lak is still purchasing pepper at VND 141,000/kg.

The price of pepper in Dak Nong today remains at VND 141,000/kg.

Similarly, the price of pepper in Gia Lai today increased by VND 1,000, trading at VND 140,000/kg.

Traders in Dong Nai are also buying pepper at VND 140,000/kg, up VND 1,000.

The price of pepper in Ba Ria - Vung Tau today increased by another VND 1,000, reaching VND 141,000/kg.

Similarly, Binh Phuoc is trading pepper at VND 140,000/kg.

The domestic pepper price today remained stable in Dak Lak and Dak Nong but increased by VND 1,000 in other key regions, helping the commodity hold steady at VND 141,000/kg.

The value of pepper this year has seen a significant increase, with the industry predicted to reach $ 1 billion by year-end.

In the first seven months of the year, Phuc Sinh, Vietnam's leading pepper exporter, maintained an 8% global market share, with the US being the primary market.

Amid the strong growth in the pepper industry, the company's total export volume increased by 40%, and the average export price doubled compared to the same period last year.

Mr Phan Minh Thong, Chairman of the Board of Directors of Phuc Sinh Joint Stock Company, stated that their supply remains abundant, and they continue to sell daily, even needing two shifts to meet the order deadlines. He also mentioned that the current pepper price is a positive signal for Vietnam's agriculture sector, benefiting not only coffee and pepper but many other products as well.

According to the Mercantile Exchange, the domestic pepper price has increased 1.75 times since the beginning of the year. At its peak, the pepper price even reached VND 158,000/kg due to the scarcity of pepper supply this year.

Thus, the domestic pepper price on 08/21/2024 is trading around VND 140,000 - 141,000/kg.

$ 1 = VND 24.730 - Source: Vietcombank.