The orthodox tea market continued to witness subdued demand due to the lack of export orders, forcing traditional exporters at the Kochi tea auctions to stay away from the market.
Besides, a significant price drop in the Kolkata auctions due to heavy arrivals prompted upcountry buyers not to procure tea from South India given the minor price difference in the two regions, traders said. However, the CTC market in sale 31 remained steady and is expected to revive in the coming weeks on account of Onam, they said.
Auctioneers Forbes, Ewart & Figgis said a number of traditional exporters were absent from the auction due to falling export orders; just 57 per cent of the 3,24,820 kg on offer was sold. Exporters from West Asia and the CIS countries were selective. The average price realisation dropped by Rs 1 at Rs 125.
However, the CTC leaf market witnessed good demand, with 92 per cent of the 36,500 kg sold.
In the CTC dust category, 76 per cent of the 9,28,860 kg of liquoring teas offered was sold. The blenders together absorbed 60 per cent of the total CTC quantity sold. The rest was irregular and lower, and witnessed heavy withdrawal.
The Orthodox dust market was lower and the quantity offered was 12,000 kg. Exporters absorbed a small quantity.