According to producers and salesmen of ginger in Anqiu, Shandong, this year's national production volume is 5%-10% larger than last year. The market price is now 7000 yuan/ton, a rise of over 150% compared to last year's 1900 yuan/ton.
A ginger farmer tending his fields
After this year's spring, the ginger price started to rise rapidly, from 1.2 yuan/500g to 2.2 yuan/500g. This is a rise of more than 80%. There are two main reasons for this phenomenon: firstly, because of the weather, many ginger farmers immediately sold their produce after the harvest in November last year. That means that the stock of ginger is now smaller. Moreover, the prices of this year's potatoes and garlic are low. The costs of storing potatoes and garlic are affecting the ginger market, but in order to gain more profit, farmers are reluctant to sell.
Ginger production site
Many farmers do not have a lot of stock right now, around 25%. The refrigerated stock is slightly bigger. It is hard to say how the market will respond, but when we look at last year's end of the season, the majority of ginger stock was all for sale and the price started to drop again. In fact, the current ginger price has already started to decrease. Of course, the rate of consumption and the market promotion will largely determine the future ginger price.