Covid19-hit Europe drives Iranian saffron prices to plummet

Spain and Italy are the top two importers of the Iranian saffron and the two countries are among the worst hit by the Covid-19 outbreak.
The demand for saffron dropped both in Spain and in Italy which had a negative impact on the saffron prices. Saffron prices were above $1,000 per kg in the past couple of years and currently, the price levels are around $400-$500 per kg.
The current traded prices of saffron are not at the desirable levels for Iranian suppliers yet hopeful that conditions will resume to their normal.
China is one of the main export destinations for Iranian saffron however, demand from China has also reportedly dropped due to the Covid-19 outbreak.