Domestic pepper price today

Pepper price today, August 8, 2024, in the Southeast region continued to decrease by 2,000 VND/kg in some localities compared to yesterday, trading around 135,000 - 137,000 VND/kg, the highest purchase price in Dak Nong, Dak Lak, Gia Lai provinces was 137,000 VND/kg.

Specifically, Dak Lak pepper price was purchased at 137,000 VND/kg, down 2,000 VND/kg compared to yesterday. Chu Se pepper price (Gia Lai) was purchased at 137,000 VND/kg, down 2,000 VND compared to yesterday. Dak Nong pepper price today was recorded at 137,000 VND/kg, down 2,000 VND/kg compared to yesterday.

Pepper price today August 8, 2024: Decreased for 3 consecutive days, expected to increase again due to concerns about supply shortage

In the Southeast region, pepper prices today decreased by 2,000 VND/kg compared to yesterday. Specifically, in Ba Ria - Vung Tau, it is currently at 136,000 VND/kg, down 6,000 VND/kg compared to yesterday; in Binh Phuoc, pepper prices today are at 135,000 VND/kg, down 5,000 VND/kg compared to yesterday.

Thus, today's pepper price, August 8, decreased by 2,000 VND/kg in some localities in key growing areas, recording the highest price of 137,000 VND, fluctuating in the price range of 135,000 - 137,000 VND/kg.

China has fallen from the number 1 position to the 5th position in the list of Vietnam's largest pepper exporting countries. Commenting on this, Ms. Hoang Thi Lien - Chairman of VPSA said that it could be due to the sharp increase in purchases last year, full warehouses, so this year the demand in the Chinese market has decreased, in addition to the current economic difficulties in China.

However, Ms. Lien said that the decrease in world and domestic pepper prices is not necessarily due to China reducing its purchases, but may be due to an increase in short-term supply because people sell at high prices (May-June).

" Now, if we want prices to increase, there must be market momentum and demand. The United States and Europe account for nearly 50% of Vietnam's exports and have bought heavily in the first 6 months of the year. If these two markets do not buy much in the last months of the year, prices may find it difficult to rebound strongly as before, " Ms. Lien commented.

Ms. Lien commented that even though Indonesia and Brazil are in the harvest season next year, followed by Vietnam, pepper prices will hardly decrease further because the world supply is still not enough to meet demand.

Domestic pepper price on August 8 , 2024

World pepper price today

Update on world pepper prices from the International Pepper Community (IPC), at the end of the most recent trading session, IPC listed the price of Indonesian Lampung black pepper at 7,211 USD/ton, up 0.49%, and the price of Muntok white pepper at 8,836 USD/ton, up 0.49%.

The price of Brazilian ASTA 570 black pepper was at USD 6,400/ton, down 5.47%. The price of Malaysian ASTA black pepper remained stable at USD 8,500/ton; the price of this country's ASTA white pepper reached USD 10,400/ton.

Vietnamese black pepper prices remain high at 6,000 USD/ton for 500 g/l; 6,600 USD/ton for 550 g/l; and 8,800 USD/ton for white pepper.

Reduced pepper output from Brazil and Vietnam, the world's two leading pepper producing countries, has pushed international pepper prices to continuously increase in the first months of this year, especially as the market has witnessed unprecedented fluctuations in the last two years.

Accordingly, the export price of black pepper from Indonesia and Brazil increased by 93.1% and 2.3 times respectively from the beginning of the second quarter to mid-June, while Vietnam also recorded an increase of 70 to 83% during the above period. In the following weeks, the market adjusted down and somewhat stabilized again, but still fluctuated at the highest level in the past 8 years.

In recent days, the domestic pepper price has continuously decreased sharply, although the pepper price in the export market remains stable. According to experts, at this time people need to be calm and should not sell off, otherwise the pepper price will increase again.

According to Mr. Phan Minh Thong - Chairman of Phu Sinh Group Company, in essence, pepper production worldwide in 2024 will be short of nearly 100,000 tons compared to demand. Price increases are natural, but prices always have adjustments when they increase too much and will return to the trend of severe shortage. Price increases will also be intense. Information from the European Spice Association and the American Spice Association as well as EPC also commented the same.

*Information for reference only. Prices may vary depending on time and location.