Market Update 22nd July 2024
July 22, 2024
International Prices Desiccated Coconut The international price for desiccated coconut remains steady across different regions.…
We recently wrote about how market prices would be increasing, and we are now seeing this with prices for desiccated coconut up 33% since the beginning of October and coconut oil up a massive 47%.
Why has this happened?
Off the back of three Typhoons in as many weeks, and the devastation they caused, raw materials are now in very short supply, with local transport infrastructure disrupted. Production in some factories had ground to a halt, and there are areas still without power, along with the ongoing COVID crisis that continues to cause production issues.
Shipping
Shipping has been affected by local port congestion surcharges, and on local Asian routes a shortage of 40ft containers is driving up spot rates, Alphaliner said, there was a “spectacular” 53% increase on Shanghai-Singapore last week. And with changes to shipping movement to favour Asia Pacific US routes all having a knock-on effect to the prices major shippers can charge.
UK ports are also suffering increased congestion and its all the ports not just the headlines about Felixstowe.
We have seen some buyers hold off with orders in the past couple of months. Due to uncertainties with their order books, is now going to challenge many buyers.
We suspect prices may have nearly peaked, but they will remain at this level for the next couple of months. Shipping prices, however, are liable to increase further with no obvious end to the issues we are seeing at the moment.
Even with the news of vaccines, 2021 is liable to be another year of delays, congestion and headaches for producers, importers, traders and shippers.
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July 22, 2024
International Prices Desiccated Coconut The international price for desiccated coconut remains steady across different regions.…
July 8, 2024
The latest update of international prices for coconut products has shown varied trends. Coconut Oil:…
July 2, 2024
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June 25, 2024
Price Updates Coconut Oil Europe: Seller prices slightly decreased to $1,395.50 per metric ton (MT)…
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Shipping Costs stories are making their way into major news sites. Container costs are at…
June 8, 2024
Shipping The freight rates from China to Europe are expected to reach $10,000 per 40-foot…
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