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P.S. Sundar

Coonoor , March 5

With the producers refusing to sell the teas at low bids in anticipation of higher prices in the coming weeks in the wake of global shortage in supplies, heavy volumes of teas were withdrawn at the auctions of the Coonoor Tea Trade Association (CTTA) here on Friday.

Refuse low bids

Pakistan buyers, who were the sole supporters in the recent past, refused to pay the same levels as before contending that the traders there were able to get cheaper grades. Some teas for which they had paid around Rs 60 a kg a couple of weeks ago were now bid for Rs 43-45. In most cases, the auctioneers refused to accept these bids and chose to outlist the teas. Only some odd lines were sold to Pakistan.

"True, we need Pakistan support right now. But, Pakistan is yet to get its usual consignment from Kenya where there is a crop loss. So, they have to come back to us with reasonable bids. We are holding back the teas to reach stability in market. They cannot expect us to sell teas at low bids," an auctioneer told Business Line.

Nearly 65 per cent of the plainer CTC leaf grades were withdrawn. Overall, some 45 per cent of the 8.7 lakh kg on offer was withdrawn.

Generally, wherever teas were sold, prices were lower by Rs 3-5 a kg compared to the previous week. In some cases, even Rs 8 a kg shedding was noticed.

Exports

With the harshness of the winter in Russia coming down and the frozen waterways getting ready for the movement of goods, some low volumes were bought for Russian and other CIS markets at around Rs 50 a kg. Some exporters bought teas for Dubai at Rs 48-55.

Quotations held by the brokers indicated bids from Rs 41-44 a kg for the plain leaf grades and Rs 65-71 for the bright liquoring sorts. For the dust grades, the bids ranged from Rs 43-46 a kg, while for the bright liquoring sorts, Rs 66-72.

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