CASHEW MARKET NEWS 17.05.2024
– Wars broke out in the Red Sea and Israel respectively which causing shipping timetables to be altered and significantly delayed.
– As a result, there was a container scarcity, and vessels were unable to return in time to complete their next schedule for several months.
– Each shipments takes more than 3 (three) months to reach the Port and till May 2024, ocean freight increased to 7,000 – 8,000 USD per 40ft FCL to EU (before 3,300 USD) but there are still no spaces for containers.
– While domestic quality crops have failed, resulting in a scarcity of raw cashew material in the market and a temporary price increase strongly every day.
– Meantime in May after Quarter 1/2024, Ivory Coast (IVC) – the biggest World RCN suppliers stated to all buyers/exporters/importers of RCN about “Temporary suspension of purchases and exports of raw cashew nuts” and other African Governments are limiting export RCN to Vietnam by developing domestic productions which caused all delaying and make market price increasing rapidly, etc.
