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Even as the world was celebrating the first International Tea Day (ITD) on Thursday, teas worth ₹3.64 crore remained unsold at Sale 21 of the auctions of Coonoor Tea Trade Association on that day and Friday.
Despite the producers sacrificing prices to average ₹93.93 a kg from ₹94.21 in the previous auction, 23 per cent of the offer was unsold.
With lesser volume being sold at lower price, the earnings on ITD week-sale dropped to ₹12.01 crore from ₹13.37 crore in the previous sale – a loss of ₹1.36 crore or 10.02 per cent in just one week.
Kairbetta orthodox tea topped the auctions at ₹243 a kg, closely followed by Chamraj at ₹242, while Kodanad got ₹235.
Among CTC teas, Pinewood Estate topped the leaf auctions at ₹216 and dust auctions at ₹203. All other grades fetched less than ₹200 a kg.
Some export buyers said that with most markets closed for Ramadan festivities in many countries, the orders on hand were less. This was in addition to the strict trading conditions in many countries due to Covid-19 safety norms in vogue, they said.
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