Despite Indian ginger’s price being the lowest due to the crop’s different quality and characteristics from Nigeria and China, international buyers opt for the latter two countries. However, good domestic demand and international demand from dry ginger in the last two years have expanded this season’s planting area. It was reported that in some areas, crop production was doubled. In India, the harvest of Feb-21 witnessed a low price at FAQ, which was quoted at c. US$ 2,150 per MT. This price was quite low compared to the crop of other origins.
Nigeria is offering a lower price for their crop and has already finished their sowing in July for the new crop. But several factors like an increase in freight prices and lack of containers stuck in the ports for a long time have impacted the price of Nigerian ginger. Due to the material shortage in the destination market, the price is currently steady of Nigerian ginger. It is, however, expected to go low as the demand for the crop gets lower, and the sliced price that is being witnessed now is between US$3,200 and US$ 3,300 per MT.
In the ginger market, the Chinese produce price is expected to stay firm till the next harvest period, i.e., Dec/Jan-21/22, which is now being quoted for US$4,700 per MT. Already for Jun-21, the sowing is complete, for which the harvest is due in Nov/Dec-21. The demand for Chinese ginger has been quite steady in the domestic and international markets since the pandemic. This has increased crop production and enabled China to build a significant gap between its ginger and other origins.
The present price, i.e., $2,25 per kg FOB.