Spices

Saffron: heading towards disaster

July 16, 2021 8:39 AM, Der AUDITOR
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TEHRAN. Although exports are up and demand is certainly there, suppliers in Iran are anything but happy with the current developments in the saffron market. Not only have prices hit rock bottom but traders are angry with officials. In failing to consider international developments the market is now placed in a rather difficult position.

Excess supplies weigh on market

Issue is that although export prices have slumped, officials are encouraging farmers to grow more saffron. Traders are highly frustrated as such a stance simply fails to take the slump in prices in the export market into consideration. While average export prices still ranged at USD 1,073/kg in March-June last year, they slumped to as low as USD 496/kg in the same three-month period this year. Some farmers have recently even been prompted to lease lands to step up production, meaning that supplies now exceed domestic and overseas dema

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