W11 Natural Spices Update: Turmeric Prices Surged to Record Highs in India, While Cardamom Prices Rebounded in Nepal in Early Mar-24

Record Turmeric Prices Reach New Highs in India’s Nizamabad Market

Turmeric prices surged to record levels in India's Nizamabad market, reaching USD 220.20/100 kilogram (INR 18,299/100 kg) on March 12. Similarly, Jagtial market saw prices hitting a record USD 195.00/100 kg (INR 16,205/100 kg). Just days ago, prices breached the USD 180.50/100 kg (INR 15,000/100 kg) mark. Officials anticipate further price increases due to rising exports and the benefit reaped by farmers who held onto their crops. This trend is encouraging for farmers, with expectations that those who had previously moved away from turmeric cultivation may return given the stability and high prices.

India’s Erode District Witnesses Historic Turmeric Price Surge

In a historical development, the procurement price of fresh turmeric in Erode District in Tamil Nadu, India, surpassed USD 240.67/100 kg (INR 20,000/100 kg) for the first time since the market's establishment in 1954. This significant milestone exceeded the last record of USD 210/100 kg (INR 17,500/100 kg) set in 2010 to 2011. Erode ranks as the country's second-largest turmeric market after Nizamabad in Telangana, hosting daily auctions at various locations. On March 13, fresh turmeric prices soared to USD 246.00/100 kg (INR 20,500/100 kg) for the finger variety, while the bulb variety reached USD 219.60/100 kg (INR 18,300). Simultaneously, old turmeric prices rose to USD 202.80/100 kg (INR 16,900/100 kg) for the finger variety and USD 190.80/100 kg (INR 15,900) for the bulb variety. The price surge has prompted expectations of increased turmeric cultivation, with seed prices soaring from USD 0.18 and 0.24/kg to USD 0.54/kg.

Nepal’s Large Cardamom Prices Rebounded in Mar-24

The price of large cardamom, renowned as one of the most valuable spices globally, in Nepal has rebounded after a period of decline. However, despite the upward trend, farmers who have already sold their produce to traders may not benefit significantly from the increase. According to the Federation of Large Cardamom Traders, the price rose to USD 15.56/kg in the first week of Mar-24, marking an improvement from USD 15/kg at the end of Jan-24, albeit slightly lower than the USD 16.13/kg recorded in the first week of Jan-24. Large cardamom, known as Alaichi, is a top export crop for Nepal and is typically harvested from mid-August to mid-November.

Moreover, on March 12, cardamom was traded at USD 15.56/kg in Birtamod, Jhapa, a significant trading hub in Eastern Nepal. Large cardamom price is influenced by factors such as quality, with high-quality crops fetching USD 15.56/kg, medium quality fetching USD 15.38/kg, and normal quality selling for USD 15.19/kg. At the beginning of the harvest season, prices could dip as low as USD 9.38/kg.

Higher Prices Impact Ramadan Shoppers at Malaysian Chow Kit Market

As Ramadan began, consumers at the famous Malaysian Chow Kit Market felt the impact of higher prices of essentials. Several visitors to the market expressed concerns over the increased prices of meat, spices, and seafood, among other items. A chili and spice trader at the market observed a surge in demand for staple Ramadan ingredients. The demand for chili and 'kerisik', two of the most in-demand items for Ramadan, has increased. Chili, which stood at USD 0.80/kg last year, reached USD 0.97/kg in 2024.