Dear Client,
Please find below the latest market intelligence for the Indian Spice sector as of
3 March 2026.
The Rajasthan government has announced a significant policy relief for coriander traders by substantially reducing Mandi taxes and commission fees, a move aimed at strengthening regional trade and preventing business migration to neighboring states.
🌿 Policy Relief Boosts Coriander Sentiment
The Rajasthan government has slashed Mandi tax and commission fees to revitalize the coriander trade, particularly in major hubs like Ramganj Mandi. Despite lower arrivals of the new crop in markets like Baran, buying sentiment remains sluggish with prices holding steady. Market experts do not anticipate any significant price hike in the immediate short term due to weak demand from stockists and exporters.
📉 Cumin Markets Under Geopolitical Pressure
Cumin prices are facing downward pressure as new crop arrivals intensify across Gujarat and Unjha markets. Geopolitical tensions in the Middle East and high production estimates from China are significantly dampening export demand from key hubs like Dubai. The market sentiment remains bearish with expectations of further price softening as the supply of the new crop continues to outpace demand.
🌱 Fennel Production Estimates Decline
National fennel production is projected to decrease by approximately 4% this season following a 7% reduction in total sowing area. While states like Rajasthan have seen a marginal increase in acreage, a significant 16% drop in Gujarat’s sowing has tightened the overall supply outlook. However, improving productivity per hectare in several regions may partially offset the decline in acreage.
🔥 Strong Export Demand Supports Chilli
Red Chilli markets maintain a firm tone despite arrivals reaching high levels of nearly one lakh bags in Guntur. Strong buying support from exporters and concerns regarding an overall drop in production are keeping the market sentiment bullish. The commodity is expected to retain its price strength over the next week as stockists remain active at current levels.
⚠️ Turmeric Faces Sluggish Buying Interest
Turmeric prices show no immediate signs of recovery as buying interest from stockists remains weak even at lower price points. Speculative selling in the futures market, triggered by international conflicts, has further dampened the spot market’s outlook. Market analysts expect prices to remain sideways or soft in the coming week due to the lack of aggressive buying support.
📉 Large Cardamom Outlook Remains Soft
Large Cardamom is experiencing a bearish trend as stockists show reluctance to buy at elevated levels. Sluggish sales and weak demand at recent auctions have impacted market confidence, leading to a slight softening in sentiment. No significant price appreciation is expected in the near term as participants adopt a cautious wait-and-watch approach.
🧂 Black Pepper Maintains Stability
Black pepper markets have remained largely stable with prices holding steady in major centers like Kochi. While stockist buying has been moderate, there is no immediate fear of a sharp market decline. The sentiment remains neutral for the upcoming week as supply and demand appear to be momentarily balanced.
🔑 Key Takeaways
for Buyers
- WATCH: Cumin remains bearish due to surging new crop arrivals and weak global demand; wait for price stabilization.
- BUY: Red Chilli shows strong export support and production concerns, indicating continued market strength.
- HOLD: Coriander trade may see long-term benefits from tax reductions, though current demand is weak.
- CAUTION: Turmeric and Large Cardamom are facing a lack of buying interest; avoid aggressive stock building.
- WATCH: Fennel supply is likely to tighten later in the season due to reduced sowing in major producing belts.
- HOLD: Black Pepper and Poppy Seeds show resilience with no immediate threat of a major price correction.
