Lack of demand pushes prices down
As Chinese traders report, purchasing raw pine nuts in Russia is relatively expensive due to the weak Renminbi (CYN), but at least deliveries are now taking place again. Export prices from China are moving down due to a lack of demand from overseas. Pinus Sibirica, 950 psc/100g are currently being offered at a level of USD 16,600 per metric tonne CFR Hamburg. At the end of October last year, prices were still at USD 18,900 per metric tonne CFR Hamburg.
Germany increases imports from Russia
China is by far the most important supplier of pine nuts for the German market. In the first quarter of 2020, according to the data of the Federal Statistical Office (customs tariff number 08029050: Pine "Pinus spp." nuts, fresh or dried, whether or not shelled or peeled), imports amounted to 1,155 metric tonnes, about 90 metric tonnes more than in the same period last year. High import volumes in January and February could compensate for the decline in March imports due to the pandemic. At the same time, Germany increased imports from Russia to 130 metric tonnes this month, compared to 2.3 metric tonnes in March 2019.