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The average price at the auctions of Coonoor Tea Trade Association (CTTA) has risen as much as 130 per cent in the last one year.
“At the latest auction bearing Sale No: 36, the average price rose to ₹193.21 a kg from ₹83.81 recorded at the same time last year. This marked a whopping increase of ₹109.40 a kg or 130 per cent,” CTTA Vice-Chairman L Vairavan told BusinessLine.
“Floods in some tea-producing states including Assam, West Bengal and Kerala have restricted the flow of teas from the factories there to the market, especially in the North”, he said. “On the other hand, the easing of the lockdown has brought traders back to business in many States”, he said.
He added, “Collectively, the upcountry buyers are sourcing more teas from the South and have discovered that they get quality teas from The Nilgiris at affordable price and these factors have helped prices at CTTA auctions to rise.”
Hence, despite the massive price increase, nearly 94 per cent of the offer at Sale No: 36 was bought.
The Broken Pekoe grade of ‘Lakshmi Estate’, auctioned by Paramount Tea Marketing Pvt Ltd, topped the entire auctions when Santhosh Tea Industries Ltd bought it for ₹350 a kg. Homedale Estate’s Broken Pekoe grade auctioned by Global Tea Brokers (GTB), got the second highest price of ₹311a kg.
Two grades of Homedale Estate, auctioned by GTB, topped the Dust Tea auctions fetching ₹306 and ₹301 per kg. Two Leaf grades of Homedale Estate, auctioned by GTB, fetched ₹301/kg and ₹300/kg, respectively. In all, five grades of Homedale Estate fetched over ₹300/kg.
These were the only teas which entered ₹300/kg and hence topped the auctions this week.
Among other CTC teas, Pinewood Estate got ₹295, Cross Hill Estate Special ₹267, Deepika Supreme ₹266, Kannavarai Estate ₹262, Vigneshwar Estate and Shanthi Supreme ₹261 each, Riverside Estate and Navilkal estate ₹255 each and Bellati Estate ₹250.
Among orthodox teas, Kodanad got ₹280, Chamraj and Glendale ₹261 each, High Cliff Speciality ₹251, Devashola ₹246, Kairbetta ₹245, Havukal and Kil Kotagiri ₹225 each, Lockhart ₹223, Goldsland ₹218, Nonsuch Orthodox ₹215, Mailoor ₹212, Siruvani ₹206 and Erinkadu ₹201.