Pepper price today August 29, 2024: Turning down 1,000 VND/kg
Pepper price today August 29, 2024 is around 143,000-144,000 VND/kg, pepper price slightly decreased from 500 to 1,000 VND compared to yesterday.
Domestic pepper price on August 29, 2024
Specifically, Dak Lak pepper price was purchased at 143,500 VND/kg, a slight decrease of 500 VND compared to yesterday. Chu Se pepper price (Gia Lai) was purchased at 143,000 VND/kg, a decrease of 1,000 VND compared to yesterday. Dak Nong pepper price today was recorded at 143,000 VND/kg.
In the Southeast region, pepper prices today decreased by 1,000 VND compared to yesterday. Specifically, in Ba Ria - Vung Tau, it is currently at 142,000 VND/kg, a slight decrease of 1,000 VND compared to yesterday; in Binh Phuoc, pepper prices today are at 143,000 VND/kg, a slight decrease of 1,000 VND compared to yesterday.
Domestic pepper price list on August 29, 2024
| Province/district (survey area) | Purchase price (Unit: VND/kg) | Change from last week (Unit: VND/kg) |
| Dak Lak | 143,500 | -1,000 |
| Gia Lai | 143,000 | -500 |
| Dak Nong | 143,000 | -1,000 |
| Ba Ria - Vung Tau | 142,000 | -1,000 |
| Binh Phuoc | 142,000 | -1,000 |
| Dong Nai | 142,000 | -1,000 |
The recent pepper market situation shows a large gap between buying and selling prices, affecting both exporters and importers. In May and June, pepper prices skyrocketed to VND170,000 - 180,000/kg, but the export price was only around VND100,000/kg.
Businesses are faced with buying at high prices and selling at low prices, while importers can sell at higher prices in the domestic market. The decline in supply due to weather and crop changes by farmers, along with speculation, are the main causes of this situation.
Speculation has caused huge fluctuations in the market, causing many people to suffer heavy losses, with losses reaching up to 30,000 - 40,000 VND/kg. This year's speculative situation has been described as "terrible", affecting even leading large enterprises.
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 7,511 USD/ton (down 0.83%), and the price of Muntok white pepper at 8,844 USD/ton (down 0.83%).
The price of Brazilian ASTA 570 black pepper increased to USD 6,450/ton. 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.
Vietnam's black pepper price remains at a high level of 5,800 USD/ton for 500 g/l; 550 g/l at 6,200 USD/ton; white pepper price at 8,500 USD/ton.
The Vietnam Pepper and Spices Association reported that the Chinese market has not shown any growth in demand for pepper until the end of this year. However, global demand for pepper is increasing and the European Union (EU) remains a major importer of pepper from Vietnam.
Vietnamese enterprises have the ability to process pepper at large capacity, up to 140,000 tons per year, which opens up opportunities for the pepper industry to develop strongly.
Pepper prices are expected to continue to rise this week, especially with the upcoming National Day holiday, which is expected to boost demand and help pepper prices recover to levels seen in early August 2024.
