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Market News
Chilli becomes hotter due to huge demand in export market.
Apr 12, 2023
The export market has driven chilli prices in retail market northwards. The price per quintal is hovering between Rs 25,000 and Rs 30,000.
Sources said there is huge demand for chilli from China, Bangladesh, Indonesia and the UAE. Exports to these nations have gone up steadily for the past two years but the demand has surged unprecedentedly in the current season. Sources said reports about crop damage in chilli producing states including AP, Telangana, Maharashtra, and Karnataka due to unseasonal rains too have triggered market sentiments prompting traders to offer high prices to farmers.
The farmers are hopeful of recovering losses incurred due to crop damage. About 10 to 20 per cent crop was damaged due to unseasonal rains in chilli producing areas last month. 'There is massive demand from China, Bangladesh, Indonesia and the UAE. We believe that early onset of Ramzan has triggered sales. Special eateries were opened during Ramzan across the globe to facilitate fasting devotees,' said Sanjay Jain, a leading chilli exporter.
Local traders involved in powder making had waited for the price to fall but joined the race when they realised that the markets are on a bull run. This has led to increase in prices as it became a procurement tussle between local traders and exporters. Chilli oil firms which estimated prices to come down at least by April were left red faced and started offering higher prices. 'It is a dream season for farmers and those who have picked up the stocks in advance.
Majority of the traders did not anticipate the massive jump in prices and joined the price war only out of compulsion,' said Venkateswara Rao, another chilli exporter. While export quality brands like Teja and Byadigi fetch nearly `30,000 per quintal, even common varieties too have ended with over `22,000 to `25,000 per quintal.
The prices were around `8,000 to `14,000 per quintal during the last season. The arrival of stock in the biggest market place for chilli trade in Asia, Guntur Agriculture Market Yard, have come down in the last three weeks as agents of traders went to fields to pick up leftover stocks from farmers. Merchants are lifting stocks directly from farms and shifting to cold storages without bringing to the market yard.
timesofindia.indiatimes.com
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