DALIAN – Exporters report that foreign buyers currently ask prices of 1.500 – 1.550 USD/mt FOB for red kidney beans produced in China. Due to the poor export situation, manufacturers need to empty their stocks before the new crop goods come. They need to avoid a large inventory backlog, but also to reduce the financial pressure.
Market participants predict that red kidney beans prices could fall back to the end of September 2020 level which was around 1.500 USD per ton. This week the prices were at USD 1,700 per ton in FOB Dalian. Buyers still hesitate to accept such prices. However, the main reason is the shipping costs of more than USD 400 per ton and not the price of the beans themselves.
The Chinese exporters hope that the shipping fees will fall below USD 5.000, which will increase the exports and achieve a win-win situation for them and the buyers as well.
Current market price in China for dark red kidney beans
|Product Name||Dark red kidney beans|
|Package||25kg paper bag|
|FOB Dalian||USD 1700/mt|