BEIJING, Aug. 17 /PRNewswire-Asia/ -- Frbiz.com, one of China's leading B2B search platforms, reports on rising ginger prices in China.
Recently, ginger prices rose significantly. Market price of Ginger in Beijing has been rising since early July. At mid-July, the price appeared stable at 3.0-3.6 RMB/kg or so, but by the end of July was up to 4.6-5 RMB/kg, compared with the same period of last year. This is a rise of 88.23% or so. This is also after garlic and green bean prices also rose significantly over the same period.
Ginger's price inflation rate has slowed down, but prices in some cities are still continuing to rise. The causes for the current high price of ginger are many. On the one hand, influenced by the weather last year, ginger experienced a decline in production. On the other hand, in previous years ginger prices have been low in general, which had resulted in reduced cultivation by farmers.
In addition, like garlic, green beans and other agricultural products, ginger in circulation also has speculators. These speculators will accumulate ginger at a low price. They will then use some money to buy ginger on the market with a high price. After a few days, ginger prices are quickly pulled high. The speculators then immediately sell their product at a high price, cash out, and leave. These speculators often buy at least 2 or 3 kilotons of ginger. According to price differences calculated, their tactics and sales can gain a profit of RMB 2 or 3 million.
40% of the stock of last year's harvest of ginger is still in ginger farmers' hands, and high prices are being seen with enthusiasm in the farming community.
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