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Global Weekly Report
Tea Market Report 9th August to 13th August 2021

CTC

Following the news last week, that some of the private producers will also adopt the minimum price model, the demand for these teas went as expected. The better-quality teas sold at $1.90h and above while poorer teas were ignored. In this week’s Mombasaauction, there was irregular two-tiered demand for the 167,587pkgs on offer. Outlots stood at 37% compared to 23% last week and despite the increasing volume of unsold tea, the all average hammer price maintained at $1.95. This can be attributed to the strong demand for the EOR teas which met impressive absorption, which was in contrast to less interest in the WoR category and select Kenyan low & mediums. The EoR and WoR PF1 teas were only selling about 10-12usc apart from one another and buyers decided that the EoR represented better value and decided to largely ignore the WoR. Medium PF1s were irregular, with teas from independent producers meeting selective demand due to high reserve price and plainer PF1s were irregularly firm to dearer following quality. Select best EoR BP1s continued to sell at firm to dearer rates. The below best types also met selective interest selling at firm to slightly dearer rates. A few lines of WoR BP1 were bought with the majority remaining unsold due to the  high  reserve  prices.Plantation  types  met  selective  demand  and  sold  at  irregularly  firm  to  dearer  rates  closely  following quality. EPK BP1s met reduced demand.  In the dust auction it was an irregular but dearer market. EoR PD/D1s continued to enjoy good support with prices remaining firm to dearer with good absorption. Only one lot of WoR PD sold at the reserve price of 258usc, which was 22usc above last week’s levels. The rest of the teas were taken with a few registering bids below reserve prices. The Medium types received mixed reaction from buyers, with the private producer marks who took up KTDA’s pricing strategy receiving the cold shoulder. The rest of the mediums sold well gaining up to 26usc and the plainer types were firm to dearer. On the weather front, EoR, a few areas in the highlands recorded good rainfall with mornings cool and cloudy, followed by occasional showers in the evenings. WoR, several regions recorded rainfall, with mornings generally sunny and evenings with spotted showers. Crop levels declined in both regions. In Malawi, good demand was witnessed in the auction, apart from PD’s which  were neglected.  There were  no BP1s  on  offer,  PF1 Sc met  good  demand  at  2usc  dearer  rates,  PF1  seedlings met good demand at steady to 1usc dearer rates, PFs sold at 10usc below valuations, PDs were neglected, there were no D1s on offer, Offgrade fngs were steady to 2usc easier and Offgrade dust the cleaner sorts were 2usc dearer and the poorer descriptions were easier. The weather in Mulanje was dry and warm during the day and cold at night and in Thyolo it was very similar. Crop levels are seasonally ebbing but expected to stabilize for picking up in September when it warms. In Jakarta, there was reduced demand for the 9,780 pkgs on offer with 58% remaining unsold. The price trend was steady to firm for Java/Sumatra teas. In Kolkata, there was good demand with 72% of teas on offer selling. Liquoring Assams sold around last and medium types witnessed better demand. In Guwahati, there was lower demand with a 65% absorption rate. The best Assam types sold at barely steady levelswhilstother types were easier. In Coonoor, there was fair demand at lower rates for leaf CTC and good demand at lower rates for Dust CTC. In Coimbatoreand Cochinthere was fair demand at lower rates for leaf CTC and good demand at dearer rates for Dust CTC.

Orthodox

A 6.71 mn kg was on offer in Colombothis week, which was in line with last week’s. High Grownteas were suffering and losing 5-15cts with N. Eliya BOPFs losing up to 20cts. Only Uva/Udapussellawa BOP/BOPF managed to trade firm in the High Grownsegment. The Low Grownsection experienced a livelier trading session with OP1s trading firm to 5-10cts dearer. BOP1s traded 5-8ct dearer and OPAs 5-15cts dearer with bottom gaining only 3cts. OP1s traded firm to 5-10cts dearer, PEKOE1s remained firm with best types trading up to 3cts easier. PEKOEs traded firm with select losing up to 5cts, FBOP/FBOP1s traded firm with bottom 5cts dearer. FF1, FF, BOP, BOPF & tippy’s traded all round firm. On the offgrade section, Liq Fgs eased 3-5cts while LG fgs traded firm with below best losing up to 5cts, BM traded all round firm while BP eased up to 5cts. BOP1As traded 5-10cts easier. Dust HG / Liq primary traded 5-10cts dearer but others eased 5-10cts. Russia and Middle East were mostly active on Low GrownBOP1s. Turkey was less active others were mostly operating. In the meantime, weather conditions are sufficient for growing tea, overcast and rainy conditions were reported from Western & LG regions. Nuwara Eliya & Udapussellawa experienced bright mornings& overcast conditions during the afternoons. Uva’s reported bright weather throughout the week. Except for Western regions which reported lower crops, all other areas reported maintained crop intake. Where last week’s news indicated the fertilizer issue to be solved, it seemed to have been a misconception by the local media. The President’s office denied that the ban on chemical fertilizer has been lifted. Demand is healthy but high freight rates and the container shortage have their impact on buyer’s appetite. On the other side Russia will start their winter buying soon. In Jakarta, Orthodox teas met improved demand especially for Sumatra orthodox teas. A large 57% remained unsold despite improved demand. TPI led the buyer’s list with 13% followed by VRI 6, PK 5, LES 5, etc. Weather conditions are mostly in line with last week, dry conditions prevail at Java while South Sumatra estates reported some light showers. Crop intake is maintaining in all tea growing areas. In Kolkata88% of teas on offer found a home this week, whole leaf Assams traded fully firm, others eased 3-5cts. Best brokens eased 3-5cts. In South India, most orthodox descriptions received irregular and poor demand leading to irregularly easier rates.“Remember, today is the tomorrow you worried about yesterday.”–Dale Carnegie

18 Aug, 2021
Acknowledgement: Vanrees & Co




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