New price records were set in at Sale 30 of the auctions of Coonoor Tea Trade Association by two Orthodox grades of High Cliff bought leaf factory in the Nilgiris.
“Both are orthodox speciality grades bought by Nisha Enterprises for ₹400 a kg each for export to the US,” Ravichandran Broos, General Manager of Paramount Tea Marketing, who auctioned these teas, told BusinessLine.
“We manufactured these teas for ‘The Golden Leaf India Award: Southern Tea Competition’, an initiative of Tea Board and the Upasi in which we bagged two coveted titles,” High Cliff’s Managing Director B Rajesh Chander said.
“This is the highest price fetched by any of our teas since manufacturing started in 1984 in our Hittakkal group to which High Cliff belongs,” he pointed out.
“This year, we have converted High Cliff factory into an exclusive orthodox tea manufacturing unit and we are glad that within six months we could create new price records in South Indian regular auctions,” he observed.
“Besides, Chambala orthodox tea, auctioned by us, was bought by Nisha Enterprises ₹300 a kg which is the highest price fetched by that factory in Coonoor auctions so far,” Broos said.
“Among all CTC teas at this week’s auction in Coonoor, Homedale Estate’s Broken Orange Pekoe grade topped when Santhosh Tea Industries P Ltd bought it for ₹294 a kg,” Rajesh Gupta, Managing Director of Global Tea Brokers, who auctioned the tea, said.
Besides the top quality of these teas, the floods in Assam and West Bengal helped prices to rise this week.
This built in extra pressure at the Coonoor auctions pushing the average price to a new record of ₹141.19 a kg.