Pepper price today November 11, 2024: Average decrease of 1,000 VND/kg

Domestic pepper price on November 11, 2024

Specifically, Dak Lak pepper price was purchased at 141,000 VND/kg, stable compared to the same period last week. Chu Se pepper price (Gia Lai) was purchased at 140,000 VND/kg, stable compared to the same period last week. Dak Nong pepper price today was recorded at 141,200 VND/kg.

In the Southeast region, pepper prices today decreased from 500 to 1,000 VND/kg compared to the same period last week. Specifically, in Ba Ria - Vung Tau, it is currently at 140,000 VND/kg, down 1,000 VND/kg compared to last week; in Binh Phuoc, pepper prices today are at 139,500 VND/kg.

In the past, farmers used to harvest, dry and then bring all the products to agents or businesses to consign or sell immediately. However, in recent years, farmers have paid more attention to market information, changed the way they sell by building pepper warehouses at home and only sell when they need money.

Farmers’ holding of stocks has helped them participate more deeply in deciding selling prices. They consign less, making it difficult for agents, businesses and exporters to accurately determine Vietnam’s pepper output, especially in Dak Nong. This is also part of the reason for the high pepper prices.

These changes are completely consistent with the law of supply and demand of the market, forcing pepper trading businesses to adjust their business strategies. If businesses continue to purchase by signing contracts with false quantities as before, they will easily face the risk of shortages.

World pepper prices today

Update on world pepper prices from the International Pepper Association (IPC), at the end of the most recent trading session, IPC listed the price of Indonesian Lampung black pepper at 6,706 USD/ton, and the price of Muntok white pepper at 9,180 USD/ton.

The price of Brazilian ASTA 570 black pepper was at USD 6,300/ton. The price of Malaysian ASTA black pepper remained stable at USD 8,400/ton; the price of this country's ASTA white pepper reached USD 10,500/ton.

Vietnamese black pepper prices today are stable at a high level, trading at 6,500 USD/ton for 500 g/l; 550 g/l at 6,800 USD/ton; white pepper prices at 9,500 USD/ton.

According to the Import-Export Department (Ministry of Industry and Trade), pepper prices in the world market in the third quarter remained high, especially in August and September, due to limited supply and strong import demand.

By October, pepper prices had fallen as liquidity needs forced many to sell off their stocks. In addition, increased global pepper supply from Brazil and Indonesia, while demand from China was low, impacted global pepper prices.

Despite a sharp decrease compared to the end of September, pepper prices in October remain high. The Import-Export Department forecasts that world pepper prices will decrease slightly in the short term, but will not last long due to limited supply and increased import demand during the season.

In major markets such as the US, EU and Asia, consumer demand is increasing, but in the Middle East and China it is still quite slow.

The sharp drop in inventories has caused farmers and dealers to limit sales. Currently, Brazil is the world's second-largest producer and exporter of black pepper, accounting for about 17-18% of global supply. However, Brazil's pepper exports in 2024 will continue to decline due to low production, marking the third consecutive year of decline.

In addition, Vietnam's 2025 pepper crop is expected to be harvested one month later, which could positively support pepper prices in the world market.