𝐋𝐨𝐰 𝐢𝐧𝐯𝐞𝐧𝐭𝐨𝐫𝐢𝐞𝐬 𝐟𝐮𝐞𝐥 𝐈𝐧𝐝𝐢𝐚𝐧 𝐭𝐮𝐫𝐦𝐞𝐫𝐢𝐜 𝐩𝐫𝐢𝐜𝐞𝐬

– 8-9% m/m increase in spot prices
– 6% y/y growth in exports
– Main importers: Bangladesh, the UAE and Morocco

Low inventories are fueling Indian turmeric prices, although most traders do not expect speculative bets as the crop might be bumper this season.

The Indian spot fob unpolished turmeric price averaged 13,305 Indian rupees per quintal ($1,603/metric ton) at the Nizamabad market (Telangana state, south-central) on 8 February 2024, 9% more month-on-month and 98% more year-on-year. The polished product averaged INR13,879/q on 8 February, 8% more m/m and 94% more y/y.

India’s global sales reached 156,850 metric tons, 6% more/y, worth $195.4 million (+1% y/y), in January-November 2023. The main importers were Bangladesh, the UAE and Morocco, taking 24%, 8% and 6%, respectively, of the volume.

(IHSmarkit)