Tea prices in Bangladesh plunged for a ninth straight week at a weekly auction on Tuesday, dragged down by inferior quality leaf near the end of the season, brokers said.
Bangladeshi tea fetched an average of 109.66 taka ($1.40) per kg at the auction, down from 125.85 taka in the previous week’s sale, when prices fell 12 percent, an official from National Brokers Limited said.
“Buyers were seeking season-end supplies at lower prices, although more than half of the tea that was offered in the auction went unsold,” the official said.
The auction season, typically to end-March, has been extended through April.
Bangladeshi buyers have imported tea in bulk from neighbouring India, contributing to a glut in the domestic market and reducing demand at the auction, industry sources said.
Following are the results of the latest auction. Figures are in Bangladesh taka per kg.
Bold/Large Brokens 90-110
Medium Brokens 105-125
Small Brokens 110-130
Plain Brokens 40-55
Best Fannings 170-180
Good Fannings 135-145
Medium Fannings 105-115
Plain Fannings 40-50
Pekoe Dust Not quoted
Red Dust 90-155
Churamoni Dust 90-305