The Indonesian crop harvest volumes are expected to improve from the end of 2022 to early 2023. Supply is still limited in the short term, especially for EU-compliant materials. The Indian nutmeg market continues to remain firm. Though demand is slow, the second consecutive small crop may impact supply.

Prices

Both Indonesia and India nutmeg prices are stable. There may be a slight drop in prices later due to slow demand.

Indonesia Nutmeg Shrivel price is firm at US $ 9,730/MT and might show a rise as there is not much EU-guaranteed Nutmeg available.

Current Scenario

The weather conditions in Indonesia have been favorable during the flowering stage, and a good crop of Nutmeg for 2023 is expected.

Indonesia exported 34% less to China and 14% less overall. Volumes to Vietnam (for processing) and the Netherlands increased, while the US (-27%) and Germany (-15%) decreased their imports from Indonesia.

Future Scenario

In the short term, however, the nutmeg supply is still small. Domestic demand is reported to steadily increase yearly, while production is not.

Conclusion

As mace volumes fail for EU pesticide MRLs, these materials are offered to the Indian market. With demand from India already slowed recently, prices have been on a downward trend. However, prices for EU-compliant materials remain stable.

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