Indian coriander prices moved up at the start of June, after sustaining a downward trend between the second week of April and the last week of May due to a drop off in demand amid the soaring market prices. The Mintec price of Badami coriander in Rajasthan, India, climbed to INR 10,500/100kg (USD 135/100kg) on 8th June, up 1% week-on-week (w-o-w) but down 3% month-on-month (m-o-m). The market strengthened on solid local demand and concerns over a lower coriander output in India.
This year’s coriander production in India is projected to decline from last season following a contraction in planted area and erratic weather conditions. The area devoted to coriander is expected to contract by between 10-20% y-o-y as farmers planted better-performing cash crops in place of coriander. An Indian-based agri-company, Agriwatch, estimates the 2022/23 Indian coriander output at 310,400 tonnes, down 9.5% y-o-y. Some trade sources expect the y-o-y production decline to be between 10-15%, which is likely to result in a reduction in the carry-in stock for the next season.
Between July 2021 and April 2022, Indian coriander prices sustained an upward trend, culminating at INR 11,330/100kg (USD 148/100kg) in the week of 13th April (+80% y-o-y). Prices were supported by concerns over adverse wet weather in parts of India during the Northeast monsoon. Additionally, the market was driven by strong export demand and speculation over lower coriander output in 2022.
