- Prices fall from INR 16,500 to INR 13,000/qtl amid export disruption
- Maharashtra-led exports hit; prolonged conflict may deepen downside
India’s turmeric market has witnessed a sharp correction, with prices dropping from around INR 16,500 to INR 13,000 per quintal, as the ongoing Iran conflict disrupted a key export channel. The decline reflects a sudden demand shock, with traders indicating that prices may weaken further if the geopolitical situation continues.
India exported turmeric worth USD 341.54 million in 2024-25, highlighting the strong dependence on global markets. Maharashtra alone contributed USD 155.35 million, making it a critical export hub. With shipments getting disrupted, especially from major producing belts, export-bound stock is now being redirected into domestic markets, increasing spot supply and pressuring prices.
The impact is further amplified as India’s turmeric exports are diversified across markets such as Bangladesh, UAE, US, Malaysia, and Morocco. However, despite this diversification, the disruption in one key route has been enough to disturb overall trade flows and sentiment. Buyers have turned cautious, delaying fresh purchases due to uncertainty around logistics and payments.
At the same time, fresh crop arrivals are picking up, creating a dual pressure of rising supply and weak demand. This has accelerated the price fall beyond normal seasonal trends, indicating that the current correction is largely driven by external factors rather than domestic fundamentals.
Going ahead, the market direction will largely depend on how long the conflict persists. If disruptions continue, prices may remain under pressure or decline further due to excess domestic availability. However, any normalisation in export activity could lead to a sharp recovery, as underlying global demand for turmeric remains intact.
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