Weekly Tea Market Report

WEEKLY TEA MARKET REPORT - SALE NO: 08 - 19TH/20TH FEBRUARY 2024

Auction offerings declined further and totalled 4.6 million Kgs, down from the 4.83 million Kgs on offer the previous week.

Notwithstanding the lower volume on offer and a declining trend in offerings, an easing off of prices were
observed which is generally unusual for the time of year. Perhaps, the fluctuating currency may have attributed towards this trend in prices.

Ex-Estate offerings totalled 0.72 million Kgs, a fairly similar volume to the previous week. Quality of offerings from the Western slopes were improved, whilst the Nuwara Eliyas together with the Uva/Uda Pussellawas' were fairly similar to last.

The market commenced on a sluggish note with a fairly high percentage of unsold volumes due to a lack of activity.

However, better demand prevailed as the sale progressed.

With an improved selection of teas on offer, the Best Western BOP/BOPF's were firm and irregularly easier. BOP's in the Below Best category were irregular, whilst the corresponding BOPF's which commenced on a hesitant note and were often Rs. 50 per kg and more easier, strengthened as the sale progressed. At the lower end, BOP declined by Rs. 50 per kg and more for the poorer sorts, whilst the corresponding BOPF's followed a similar trend to the BOPF's in the Below Best category. Nuwara Eliya BOP's - Not available, whilst the corresponding BOPF's sold around last levels. Uva/Uda Pussellawa BOP's - Better sorts were firm and dearer, whilst the others sold around last week's levels. Corresponding BOPF's - Betters teas gained by Rs. 50-70 per kg, whilst the others were firm and dearer to a lesser extent.

High & Medium Grown CTC teas - BP1's continued to sell well, whilst the PF1's were firm and easier following quality. Corresponding Low Grown types - BP1's once again sold well, whilst the PF1's declined by Rs. 50-70 per kg and more following quality.

There was selective interest from shippers to the UK, the continent and South Africa, whilst shippers to Japan, China and the CIS continued to be fairly active on a wide cross-section of the teas.

Low Growns comprised of 2.10 million Kgs. Leafy and Semi-Leafy categories met with fair demand, whilst the Tippy category declined. Shippers to Iran were less active this week due to the intervening holidays, whilst there was fair demand from shippers to the CIS and Türkiye.

In the Leafy catalogues, OP1's together with the well-made BOP1's declined, whilst the balance were firm. OP's together with a few Select Best OPA's appreciated, whilst the balance sold around last levels. Well-made PEK/PEK1's maintained, whilst the balance were lower.

In the Tippy catalogues, Select Best and Best FBOP's together with the Below Best declined, whilst the teas at the bottom were firm. Well-made FF1's were substantially lower. Clean leaf Below Best and clean leaf teas at the bottom were firm, whilst the balance were easier.

In the Premium catalogues, very Tippy teas met with fair demand and were firm. Best and Below Best were firm to easier, whilst the teas at the bottom declined.

TEA AUCTION DETAILS

AUCTION NO.

10

09

Dates

05th / 06th Mar 2023
No. of Lots     No. of Kgs

27th / 28th Feb 2023
No. of Lots     No. of Kgs

Ex Estate

764

742,878 kg

747

732,284 kg

High & Medium 1,491

655,060 kg

1,276

524,719 kg

Low Growns        Leafy

Semi Leafy

1,760

1,430

661,020 kg
609,728 kg

1,678

1,418

588,737 kg
592,294 kg

Tippy

2,110

1,039,493 kg

2,012

971,586 kg

Premium/Flowery

311

46,877 kg

398

58,565 kg

Off Grades

2,138

1,018,814 kg

1,663

786,226 kg

Dust

506

416,446 kg

424

368,700 kg

Grand  Total

10,510

5,190,316 kg

9,616

4,623,111 kg

(Source- Forbes & Walker Tea Brokers)