Archive for the Cashew Market Category
Roll-out date of GST in India is July 1, 2017. Finance minister thinks that there is enough time for each and every change, including the most important GST rate fixing under already agreed slabs. So he thinks that the issue of bringing commodities under different brackets will be considered only after March 31.
Indian processors have started bulk purchases in West Africa because of the favorable exchange market. Their purchase price is above $1650/Ton/c&f in Ivory Coast and around $1850/Ton/c&f in Benin. There is no such appreciation inVND.
Buyers entry in the Indian cashew kernel is slowly improving as raw cashew prices are still unworkable to the industry. W320 is moving around Rs.8750/including VAT/11.340 kilo/Goa-Mangalore/under immediate payment terms and around Rs.9000/same quantity/under April 2nd week payment terms. Market is facing usual fiscal year-end problems. This year, domestic raw cashew prices are almost equal […]
Suspense over the GST rate may finally end during this budget session of the Indian Parliament. Finance ministers from Kerala, Karnataka, Tamil Nadu, Goa, Andhra, Telangana, Orissa, West Bengal and Maharashtra may join together to bring cashew in the 5% tax slab group. If the combined state council announces 12% tax slab for cashew, then […]
Kerala is the most important state for the Indian cashew industry. Expectations were very high about this year’s budgetary sanction for the state cashew sector. However, the sanctioned amount for raw cashew procurement is only Rs 30 crore. This year, cashew farmers are getting most remunerative prices in Kerala. So there is no need of […]
First Crop looks wonderful in the most important South Western region of India but the daily arrivals will pick up only from the second half of March.Trees are filled with flowers and tender nuts. However, the progress needs the summer season. Even then, Indian processors need more than 8 lakh tons through imports. Once their procurement […]
Weather conditions are highly favorable for the cashew crop in India, Vietnam, Nigeria, Ivory Coast, and Guinea-Bissau. Moisture content in the soil is said to better compared to last year. Except Vietnam, all the above countries are highly optimistic about this year’s crop size. However, the progress of harvest will be very slow till the second […]
Cashew kernel has entered the bearish phase but still the price of W320 is around Rs.8600/inclusive of VAT/11.340 kilo/Goa-Mangalore. Fall in the market is not due to inventory oversupply. Current raw nut glut is only due to unworkable price factor. When the price of finished product decreases even after heavy losses to the industry, sluggish […]
Indian finance minister has increased the import tax on roasted and salted cashew nuts from the existing 30% to 45%. The term ‘Roasted’ may include all varieties of processed and semi processed cashew kernel. However, the positive impact will be more in neglected small pieces like BB, SWP and DP grades.
Indian resellers are facing trouble in selling even a single container of imported raw cashew because of the unworkable price factor. More than 50% of the small-scale processing units have shut down their processing activity on account of heavy losses. Reckless importers are said to be responsible for the disastrous situation in the cashew industry. […]
1st Feb 2017 is the date fixed for the presentation of the Indian Budget 2017-18. July 1, 2017 will be the 1st day of GST. So, the budget may be for only 3 months starting from 1st April or for the entire fiscal year ending by March-end. Interest of the cashew industry is only in […]
Local exporters are buying w240 around Rs.9200+VAT/11.340 kilo/ Goa-Mangalore. However, they are offering only Rs.8400+VAT for the W320 grade. Current inter-state buying in W320 is around Rs.9200+CST/Premium Brand/Goa-Karnataka.
Indian exporters’ buying interest is still in W240 but the North Indian demand is for mid-size grades. Price of W320 is around Rs 9000/including VAT/11.340 kilo/Goa-Mangalore. However, activity is improving in cashew shells and shell oil. Most probably, the period of ‘through-away price’ is over due to severe shortage and sellers’ resistance.
Exporters buying rate for premium W240 is Rs 9000/+ VAT/11.340 kilo/Goa-Mangalore. North Indian buyers are purchasing W320 around Rs 8900/inclusive of Tax/Tin of 25 LBs/Karnataka-Goa. South Indian demand for Jumbo Half is nearly Rs 9000/ inclusive of Vat/Same quantity. Retailers expect further pick-up in demand when the cash withdrawal restrictions end.
Those who have imported raw cashew under ‘Advance Licence/Authorization Scheme’ have to fulfill their 4 : 1 export obligation before the end of the fiscal year. So they are buying scarce grade W240 around Rs 9000+VAT/25 LBS/Including Packing/ Goa-Mangalore. East African nuts usually contain less than 15% higher grades like W240, W210 and W180 grades. […]
Trouble because of decreased money flow is still continuing in the Indian cashew kernel. Exporters are controlling the wholes market but the domestic demand for the New- Year is only in the splits and pieces category. However, the withdrawal limit on money is nothing but a kind of statutory compelled saving.These savings will further increase […]