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China: Onion prices are stabilizing

The snow and rainfall at the start of this year had a positive influence on the vegetable industry. Some of the markets showed an obvious price increase because they ran short on stock. The price of onions received a boost from these fluctuating market conditions. For a brief period the market showed a regular price increase. The price of yellow onions went from 1.5 yuan [0.24 USD] per kg to 2.4 yuan [0.38 USD] in only a few days. Good times, however, do not last. As weather conditions returned to normal and transport resumed regular services, markets were able to replenish their stock, and the price of yellow onions returned to a stable position at 1.6 yuan [0.25 USD] per kg.

The onion price in 2017 was depressed from the moment the harvest was brought in. This is predominantly due to an expansion of onion plantations and the subsequent increase in production volume. In the autumn season of 2017, there was a bumper harvest of onions in Gansu, Inner Mongolia, and from the north of Hebei to Heilongjiang. The quality of onions in 2017 was excellent and they were well-suited for storage. Warehouse merchants bought large volumes of onions. After the bumper harvest of autumn 2017 the onion price did not go into a seasonal decrease, but instead it was at the highest point in years.

The large reserve of onions put a lot of pressure on the retail market for onions, and the price increase slowed down. Furthermore, it is expected that the volume of onions that will enter the market in the next spring will be even bigger compared with last year. The new season is about to arrive and warehouse merchants are under greater pressure. In the next two months, the fresh harvest of Yunnan onions will enter the market in large volumes. When that time comes, the price of onions will further adjust.

Source: (Taiyuan)

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