saffron market insight Oct-Nov 2022

Saffron Market Insight Oct-Nov 2022

Last year, we faced a sudden decrease in saffron production due to many reasons, as explained in “Iran Saffron Production Report 2021-2022” blog post. However, farmers in several regions of the Great Khorasan province were satisfied by the saffron crop volume, this year. Yet, no official report regarding the 2022 saffron production volume has been published. The field reports show that Iran experienced up to a 30 percent increase in saffron production volume, which can be good news as we are getting closer to the saffron productivity levels of previous years.

The below chart illustrates valuable information regarding the price history of saffron, starting from the new crop year, October 10, up to the time of writing this post.

For better data analysis and accuracy of our reports, the price of different types of saffron is mentioned based on EXW for 1kg. The CIF saffron price won’t be practical to reach an accurate price comparison and conclusions, as the shipping and customs fee varies for different destinations.

It is worth mentioning that, the USD-IRR exchange rate fluctuation has also been considered, because this currency pair experienced high fluctuations during this 2-month period. (From 320.000IRR to 368.000 IRR).

Also, it’s advised to not use the prices in this chart as a source to compare quotations from other companies, because each company may quote saffron prices in higher or lower rates, depending on their sales policy, order terms and sales contract and many other factors. The below chart illustrates the average EXW bulk saffron price.   

Saffron Oct-Nov price Chart

Chart analysis:

  1. The chart shows that unlike the previous year, in which the saffron price increased during the harvest time and stayed stable for a few months, this year’s saffron price decreased gradually compared to the early days of harvest, along with the increase of farm flowering and expectancy to produce more crop. 
  2. During this 50-day harvest time, the price of different types of saffron has decreased near 35% comparing to the prices in early harvest. Such down trend is considered as a record.
  3. This year, there was no significant demand for bunch saffron, therefore; little bunch saffron is produced. Hence, there isn’t enough price information and we decided to omit this type from this chart.

Is it a good time to buy saffron or not?

As a saffron producer and exporter company, we wouldn’t expect to experience such a price decline, considering the high national inflation rate on goods and services and low saffron production rates in previous year. Surely, this declining trend was not in favor of Iranian saffron farmers. As a result, we believe the final price of this product is far lower than the real value of saffron. This question arises “Now that saffron harvest time has ended, will the prices decline even more,

No, we do not believe so. The prices may experience fluctuation in a lower range, but considering the fact that international saffron buyers were waiting for prices to become more stable to respond their accumulated market demand, we anticipate a gradual increase in price owing to the increase of demand, in near future. However, the potential economic and political changes in Iran may result in a decline of Iran currency value, which has a reverse effect on the saffron global price.

To buy top-quality Iranian saffron, you can trust SunLand sales experts. We have years of experience in providing all types of top-quality saffron to more than 34 countries.

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