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Shipping disruptions to overseas markets following the Red Sea crisis has started hitting Kochi tea auction market. This is evident in dip in sales percentage in Sale 3, amounting to approximately 69 units of the total offered quantity of 200,371 kg.
Traders said many overseas buyers are reluctant to pay the increased shipping rates following the surcharge imposed by shipping lines. Though there were good enquiries and orders, buyers are not showing interest in purchase. In the absence of sales in secondary teas, the average price realisation was up by ₹10 at ₹145.
The auctioneers Forbes, Ewart & Figgis said exporters to CIS and West Asia lent a fair support and a fair enquiry was forthcoming from upcountry buyers.
However, CTC dust market was up on account of lower arrivals with good liquoring teas was firm to dearer by ₹2-5 a kg and sometimes more.
The anticipated lower offerings helped to improve the buying interest which is likely to continue since the volumes are not showing any signs of improvement, the auctioneer said.
The offered quantity was 6,96,856 kg with a sales percentage of 93. Blenders absorbed 57 per cent of the total quantity of CTC sold, while exporters confined to the bottom of the market. Kerala State Civil Supplies Corporation did not operate.
Primary grades in orthodox dust market was dearer, while secondaries remained steady. The quantity offered was 3,000 kg.
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