FOR THE RECORD -- 92:
BHARAT AUCTION LAUNCHED IN SOUTH INDIA..
COONOOR TEA AUCTIONS -- 1:
NO TAKERS FOR 21% COONOOR TEAS:
EXPORT PARTICIPATION WAS SELECTIVE
P S SUNDAR
Teas worth ₹ 2.67 crore remained unsold at Sale No: 5 of the auctions of Coonoor Tea Trade Association (CTTA) as there were no takers for as much as 21 per cent of the offer. In particular, the export participation was selective causing withdrawal in many lots.
“Exporters are a worried lot now. The Russia-Ukraine situation is escalating causing uncertainly in trade. Orders from importers in Russia and the rest of CIS as also many European countries have practically dried up”, L Vairavan, an exporter told me. .
“Besides, the heavy snowfall resulting in different states declaring emergency situation in the USA is hitting tea shipment prospects. Tea exporters are concerned that their consignment might not reach the destination with frozen water and roadways”, he pointed out.
“Now, Canada is facing emergency due to massive agitation against the Government’s orders on mandatory vaccination against Covid which also causes ‘withdrawal symptoms’ among tea exporters here”, he noted.
“The only Silverline in the otherwise gloomy export front is the upswing in demand for Indian teas because of the economic emergency in Sri Lanka whose tea exports are facing threat but given the volatile situation throughout, exporters here are unable to cash in on this immediately”, observed Vairavan who is the immediate past Chairman of CTTA.
“The inconsistency in the screen display of the auction lots due to cloud server issues in the newly introduced Bharath Auction module is also affecting exporters’ active participation”, he observed.
“Our Broken Pekoe grade, auctioned by Global Tea Auctioneers Pvt Ltd., (GTAPL), helped us create a new price record when Tea Services India Pvt Ltd., bought it for ₹ 395 a kg. This is the highest price fetched by any of our teas since manufacturing started in our factory in 1949”, Homedale Tea Factory’s Managing Partner Raman Menon said.
In the CTC dust auction, two grades of Homedale, auctioned by GTAPL, topped fetching ₹ 375 and ₹ 371 each.
Two grades Crosshill Estate Special, auctioned by GTAPL, fetched ₹ 331 and ₹ 300 each. All other CTC teas fetched below ₹ 300/kg.
Among orthodox teas, Kodanad was the only one to cross ₹ 300/kg when it reached ₹ 311.
(Response can also be sent to: pssundar.coonoor@gmail.com)
