Weekly Review-Coriander

03-Aug-2024 06:40 PM

Coriander trade down: Prices down

New Delhi. Coriander prices remained soft during the current week. Knowledgeable sources say that the news of imports from abroad and the export ban imposed on some spice companies has also affected the lifting of coriander in the spot market. Local demand was also low. Looking at the current exports, there is no possibility of much increase in the prices of coriander in the near future. It is worth mentioning that for the last 2 months, the prices of coriander have been fluctuating between 2/3 rupees per kg.

Fall in prices

Coriander prices remained subdued in the spot and futures markets during the current week. Due to the news of imports, stockists have increased the selling pressure to lighten their stock. Due to which, there was also an improvement in the arrivals in the mandis and the prices of coriander in the spot markets were quoted with a decline of up to 100/200 rupees per quintal. In the futures market, coriander for the month of August opened at Rs. 7280 and closed at Rs. 7184 at the end of the week. Whereas, coriander for the month of September opened at Rs. 7376 and closed at Rs. 7288.

Not too much slowdown

Knowledgeable sources say that there is no more slowdown in the current prices of coriander. Because the prices have come down to the minimum level. Stockists are not in favor of selling by reducing the prices now. Traders believe that the prices of coriander will keep increasing in a limited range in the months of August-September. But prices are expected to increase in the months of October and November. Because imported coriander will also arrive in the month of August. Apart from this, due to farmers not getting the right price for their produce, it is expected that farmers will sow coriander on a lesser area for the coming year. Due to which, there is a possibility of an increase of 8/10 rupees in the prices of coriander in the months of October-November.

Improvement in arrivals

Due to the possibility of a rise in prices, stockists have increased the sale of coriander, due to which daily arrivals in the markets have started increasing. In Gondal Mandi of Gujarat, a major producer state, the arrival has reached 4000 bags and in Rajkot, the arrival has reached 1200 bags. In Ramganj Mandi of Rajasthan, the arrival has increased to 3500/4000 bags, which was 2000/2500 bags a week ago. Due to rains in Madhya Pradesh, the arrivals in the markets were less, but before the rains, the arrivals in Kumbhraj Mandi were 1500/2000 bags and in Guna, the arrivals were 3500/4000 bags.

Sowing

Informed sources say that looking at the current situation, it is expected that the sowing area of ​​coriander in the country will fall in the second year as well. It is noteworthy that in the year 2023, coriander was sown on about 5 lakh hectares in the country, which decreased to 3.60/3.70 lakh hectares in the year 2024. Sowing of coriander at the production centers will start in the month of October-November. Now the arrival of new goods starts in the month of February-March. Coriander is mainly produced in Madhya Pradesh, Gujarat and Rajasthan.

Import

Despite the production of coriander in sufficient quantity in the country, importers import coriander from abroad. Due to the low quality of imported goods, import is cheaper, which comes less in mixing. According to the data released by the Spices Board, 28828 tonnes of coriander was imported during the year 2023-24, whereas in the year 2022-23, 31383 tonnes were imported. 15603 tonnes were imported in the year 2021-22 and 8777 tonnes in 2020-21.

Export

During the first two months of the current financial year 2024-25, April-May 2024, a decline was recorded in coriander exports. According to the information received, during April-May 2024, coriander exports were 11546.61 tonnes, whereas in April-May 2023, coriander exports were 36932.86 tonnes. During the year 2023-24 (April-March), a record export of 108624 tonnes of coriander was done. Which is the highest export in history so far. In the year 2022-23, the export was 54481 tonnes.