The Russia-Ukraine war took a toll on tea trade with exporters refraining from bidding in most lots at sale 9 of the auctions of Coonoor Tea Trade Association.
On the a person hand, exporters said that orders have dried up for cargo to Russia, Ukraine, rest of CIS and even some European markets. On the other hand, they took a ‘wait-and-watch’ tactic right before investing on teas as most were unprepared to risk delivery to unstable destinations.
“In all categories – CTC or orthodox, leaf or dust – export participation was subdued. In most lots, costs fell up to ₹ 10 a kg more than the former week as inside potential buyers turned selective in the absence of keen export getting. In most heaps, teas had to be withdrawn for want of bids”, Ravichandran Broos, Vice President, Paramount Tea Promoting (SI) P Ltd., advised Company Line.
Over-all, the market place caused worry to the producers and traders for the reason that teas well worth ₹ 5.81 crore remained unsold as there have been no takers for as a lot as 39 for each cent of the supply. This is even with the common value crashing to under ₹ 100/kg for the to start with time in quite a few weeks. The normal rate dropped to ₹98.57 a kg.
For that reason, in just a person week, the total earnings at the auction declined by ₹ 1.21 crore or 11.55 for each cent.
The acquired leaf tea manufacturing unit, Homedale Tea factory, which has been developing new prices records week after week final one particular thirty day period designed nevertheless yet another rate document this week.
“Our Broken Orange Pekoe Leaf quality, auctioned by International Tea Auctioneers Pvt Ltd (GTAPL) topped the full auctions when Sree Sai Company bought it for ₹ 407 a kg. This is the highest cost fetched by any tea in the typical auctions of CTTA so far this calendar year. It is also the highest selling price fetched any of our teas considering the fact that manufacturing started in our factory in 1949”, Homedale Handling Spouse Raman Menon claimed.
In the CTC dust tea auctions, two grades of Homedale Estate, auctioned by GTAPL, topped at ₹ 380 and ₹ 371. All other grades acquired considerably less than ₹300/kg. Amid other CTC teas, Crosshill Estate Special received ₹290, Darmona Estate and Pinewood Estate ₹260 each and every, Hiribil Excel ₹252 and Vigneshwar Estate ₹236.
Amid orthodox teas, Kodanad bought ₹240, Chamraj ₹235, Kairbetta ₹222 and Erinkadu ₹213.
March 07, 2022