Mac Market Newsletter Highlights Week 13

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-30 March 2026–

Dear readers,

The macadamia industry is shaped every year by an interesting challenge: buyer and seller trading decisions are by-and-large made in the first part of the year, but the dynamics that shaped decision-making early on have often changed by the second half of the year. By then, both buyers and suppliers are committed to volumes at contract prices and are unable to respond to new market signals. A digital trading platform offers a vehicle to traders to generate and receive market signals throughout the year without being overly committed through private contracts. The result is improved risk management, which is particularly useful in a global trading environment that is defined by uncertainty and quick moving dynamics. This is one of the many benefits a platform such as MSM offers to bring security, more effective price discovery and market information to traders.

Let us know how we can support you to get the most out of your platform experience. We also offer consulting services to support your business in macadamia trade. Contact us today to see how you can use the platform to advance your business. Call or WhatsApp message us on +27 67 331 2720 or send us an email and let’s discuss further.

In the market this week

Several factors keep supply and demand signals mixed even as recent ạ͌͝ͅt͔̐ͫͬò̙̤͋ͤa͚͕̠͐͌iͣ͆͒a̴͙̥͞s͑̈ͬi̺̐͂͠ş͉͇̈t͈͑ͤ͛-t͏̐ͭt̲͕̾n͍̆̌͊͝r̷̯̍î̵̪̏͝ȓ̹̜̻̬ n̯ͦ͝s͖͈͆l̄̽͘i̧̬͒̏ͥi̵ͫ̒͜g̛̘̽̿͢f̨̢̗ͫc͙̜̀n̢ͬ̅ͅr͙̟̟͞l̡̤͟ȯ̷́͠͠ u̶̜͚n̻̿ͥ͜a̠ͪ͞Ā̫͓ͪ̈ average global prices. Weather events, the energy price crisis fallout from the Iran war, US dollar weakness and anticipated trade policy shifts by China r̴̾͜͞n̬ͭ̅́̽g̫̳̿̄ ȃ̰̕͠ẻ͈ͭ͝c͏̛͟ l̢̛̃̕å̗̠͐̕b̛͙͌̍lͮ̃͞ǎ̪ͫ̚ĕ̴̻̆͠s̷͉͕̊r͖̅ͮc̣͉ͮ̕͜ o̳ͯ͂ ȧ͍ͥl̲ͨ̑r͍͙̉̍ủ͎͉͔̼i̯ͭ͋ market direction for the year, even as Q1 draws to a close.

Macadamia Price Trends

The conclusion of several Australian transactions during the month of March l͚̹̬gv̢̊̅r̺̣ͬ͑ͮe̵̻ͧ͋̓i̶̒ͪ ȯ̵͒͒͢b͖͎̀̚͞d̼̬̊g͞͏͙ͣe̶̔͏a̶̮ͪ̒s̬̏̈́͡ e͒͜͡a̗̦ͬr̢̃̔ä̷̩̱́̓l̫̠ͧa̪̪ͥ͝ͅ prices in transactions observed from various origins. Style 4L ţ̴͗͡r͕͈̕y̤͏̂͠h̪͊͐̚ e̷̛̐e̶͉̮͘ṛ̶͘s̪̥̀͊u̡͇ͪ̈́̌a͐͗͟l̼̈́͂ a̳ͭ͗̓ͦp͍̗̍ s̭͂͌ ṣ̈́̏͑̉ĺ̗̦̀̐s͍̭͛̿ǎ̮̳̾õ̝͢͏r͖̬͗͆͞ on five-week price averages, whereas other style price trends n̠͈ͨ́i̵̹͘d̫̊̋m̠̫̽ẽ̵͇ͤ̍e̙̣̙nͩ͋ͪi̝̝͍͑̔ d̶̥̔s͇̔ͮaď̶ͭ͟ḙ͂̉͜u̟̙͡ͅr̘̫̋͌̾ b͆̔͜ṷ̥ͨ the comparison.

Demand and supply signals i̮̥ͥ̋ͦn̖ͮ̌̀͟â̜̺̕r̤͢͢v͙̎́̐͢x̦̘́ͧ e͈͍̯͐͘i̯͖͊e̓̇̾͢n̠̈ͮê̿͑ e̢̥̋̽m͚̝͉d͓̖̐mͥ̍̋ at this late point in the new season, d͚̎̚͟o̹̮͜c̨̬͊ï̴͊͟g̣͕̓̿͘a̦̳͐e̡͗ͫ̃ͅa͏͙̭̽s͛ͩ͘͡͝ e̫͇̐ i̤̘̓ͭ̄t̉̆́r̶̜͋͢͡r͓͙ͯ͢oͫ̈́ͣ͊ͅ i͉̓ͣn͎͋̑͞l̳̻̹̂̅u̧̙͋ͤb̡̧͝c͉̲͊n̙̂ͩc̩͆ͫ͌r̓̾ͣ to the market. In particular, the need to move t̢͌͆ͦr͓̠͊ͬv̏̓̇5̫ͧͭ lͤ͌͞ŕ̴̷̥͔d̨ͪͤͩͦ0̖ͪ̋̕o̩ͥ͢a͈̼ͩk̛̹͕ͬc̢̛̭ l̢͔ͤ́2̳́ͅ2̵̯̃ͩ͠s̰̗̝̀ͧe͕̯̓̉̔ h̬̗͎e̐ͤ̊̋a̲͋͜͡ȍ̡̥oͫ͢͏ of the present harvest is leading to a i̦͔̇͏̲d̠ͯͧ͐̿a̦͆̇ͩe̘̘̾̂i̢̞̊͛͡v̛̝͕̠̓r̶ͩ͢ l͔̳̇e͈̗ͨ́ͭ n͙͖̼ͥͬḕ͔̿n̗̭̕c͔̣̋̀e̵̱̪͉ͫa̴͖͋̾͢g̟̳̮ price offers for ingredient styles and suggests a i͖̺̻̫͊e̩̔͜i͑̃ͬ̕͝w̧͖ͦn̨͍̑̀̚n̨̝̐ḓ̨̝̓͞e̱̟ͩ t͎ͣ͞p̄͐̈́͢ ģ̶͚͢͏ṉ̮ͪc̀ͤ̍ ï͍̚h͕́̉e̮̞͛r̨̻͐͐i͎͇ͯ̄̚ spread between whole styles and halves-and-pieces in the period ahead.

🛒Available Now on the MSM Platform

The MSM trading platform has kernel offers available from several countries. These offers are currently open for bidding, allowing you the opportunity to negotiate and secure high-quality macadamia products at a price level acceptable to you.
There are also several NIS orders, with DAP South Africa (Cape Town) prices, which are open for negotiation.

We will eagerly assist you in brokering any transaction listed on the platform that might be of interest to you.

Negotiable Single Style Offers Available

Style	Quantity (kg)	Containers	Avg Opening Price (USD/kg EXW)
Style 0	10 149	3	16.33 EXW
Style 1	92 102	9	15.07 EXW
Style 1S	15 672	4	13.40 EXW
Style 2	44 748	4	13.72 EXW
Style 4L	98 377	7	10.96 EXW
Style 4S	114 307	6	9.25 EXW
Style 5	22 657	4	8.10 EXW
Style 6	27 670	4	7.40 EXW
Style 7	3 493	2	7.35 EXW
Total	429 175	43	11.65 EXW

Negotiable Single Size NIS Orders Required

Size	Quantity (kg)	SKR	USKR	Avg Opening Price (USD/kg DAP)
22mm+	20 000	>30%	<2%	3.10 DAP
28mm+	20 000	>35%	<2%	3.92 DAP
Total	40 000			3.51 DAP

SPOT ROTTERDAM

Style	Quantity (kg)	Boxes/Cartons	Opening Price (USD/kg EXW)
Style 1L	1 043	92	15.50 EXW
Style 2	2 393	211	13.73 EXW
Style 4L	249	22	12.00 EXW
Style 4S	646	57	9.50 EXW
Style 5	1 111	98	9.00 EXW
Style 6	454	40	8.40 EXW
Style 7	91	8	7.50 EXW
Total	5 987	528	12.13 EXW

Additional Specifications:

FSSC, Halal, Kosher. COA’s available on request. Kenyan Origin. Style 1/1L: 16-20 mm 90% Wholes. Style 2: 13mm+ 50% Wholes. Style 4L: 13mm+ 80% Halves.

FFA: 0.5% max. PV: 3.0 Meq/kg max. Aflatoxin Total: 4.0 ppb max. Aflatoxin b1: 2.0ppb max. TPC: 30 000 cfu/g max. Yeast and Moulds: 20 000 cfu/g max. E.Coli: Absent. Salmonella: Absent.

SPOT NEW JERSEY

Style	Quantity (kg)	Boxes/Cartons	Opening Price (USD/kg EXW)
Style 5	4 536	400	5.50 EXW
Total	4 536	400	5.50 EXW

Additional Specifications:

FSSC, Halal, Kosher. COA’s available on request. Kenyan Origin. Crop Year: 2024. Packing: Vacuum packs of 11.34 kg boxes. Location: SPOT, New Jersey.

FFA: 0.5% max. PV: 3.0 Meq/kg max. Aflatoxin Total: 4.0 ppb max. Aflatoxin b1: 2.0ppb max. TPC: 30 000 cfu/g max. Yeast and Moulds: 20 000 cfu/g max. E.Coli: Absent. Salmonella: Absent.

South African 2025 Clearance Sale

Style	Quantity (kg)	Boxes/Cartons	Style Description
Style 1	215	19	16-20 mm, 90% Wholes
Style 1S	136	12	13-17 mm, 90% Wholes
Style 4S	158	14	10-14 mm, natural blend
Total	509	45	Mixed clearance lot

Offer Basis	Whole lot	Clearance Price	R85 000 EXW
Origin	South Africa	Crop Year	2025
Certification	FSSC, Halal	COA	Available on request

Additional Specifications:

FSSC, Halal. COA’s available on request. South African Origin. Style 1/1L: 16-20 mm 90% Wholes. Style 1S: 13-17 mm 90% Wholes. Style 4S: 10-14 mm natural blend.

FFA: 0.5% max. PV: 3.0 Meq/kg max. Aflatoxin Total: 4.0 ppb max. Aflatoxin b1: 2.0ppb max. TPC: 30 000 cfu/g max. Yeast and Moulds: 20 000 cfu/g max. E.Coli: Absent. Salmonella: Absent.

Not sure where to start?

Market Sentiment

The marketing year is usually in full swing by the end of March, but several key factors are in play this year which are affecting early momentum to the marketing year. These include:

r̹ͭ̄ t̗ͬ͒l̻̋ͧ͆l̗̆͟nA͚ͯͫ̐͜-a̰̹̞ͭ̇h̦̘̦̅t̘̄̍ͩ̕a͛͟͏̴-ș̮̘̂u͉̅̄ã̟̠ͧ͘e̝̅͑u͏̠̓͋͟ 2026 Chinese New Year celebration. Based on the lunar calendar, Chinese New Year celebrations only finished in early March this year. This meant that post-festivities buyer assessment of onshore inventories and consumer demand has h̘̼ͪ̓̃i̫̣̥͗̓c̙̺ͦb̫̗̓ͅ a̧̾ͪ͠eȑ̙̐̎d̘͖̍͆̃e͍̝̩ͯ͝a̦̭͂ͩ̍n̄ n̠͏̖ͪ͗o̯̩̲̬̓t̹͈̫̑l̦̣̀ͤ ë̺́́̅d͚͖ͤ́e̬͛̿͠ŷ̠͎̰͠M̲̮̀ͤ͒, affecting the development of any Ì̪̺͑ê̻͝N̏́ͫ͠͝ëͧ̋̄S̐͑ͫ̂ͅ r̔̑̇a̪̣͌t͚̘̋ m̰͙͇r̤̜̣ͦ̿l͙̹͍̈c̦̗͞ä̦ͣͅk͖̺ͧͭ direction. a̢̾̃l̛͌̅͘t͖ͤ͊ͣ̌ ḫ̹̱ͭ͝e̶̲̳̪͒e͙ͭ͛̾e̩̝ͨͩa̧̻̮͟͝ r̰̃͋͟ͅt͂̉d͚̗̆T͎̩ͫ̈͆ also meant that processors in South Africa and Australia ṱ̷̵̔ͣd̜̜̻ͤ̌ë̘̫̪͠ǎ̶̛̬̓aͧͣͥ͟ñ̅ͤ́̄o̘ͣ̑ͩ y̞̕͠d̶̦̍ͮͅe̪̗ͫ͟i̭̻̜̘n̼̲̚ͅl̨͕ͭ͋l̷͍ͧ͊o̍̆ͩͅ price offers to supplying farmers until they felt they had sufficient information on s̟̥ͦ͝n̪ͬ͂r̜͖ͭt͓̲̱̿͐l̷͈͆ͩ́v͙͌ͪ̔͠oi̷̯͓̭p͇̩ͫt͋ͧ͡ě̻̮̖͍ t̻͚ͪ̈́́c͍̳ͯ̉e̷̮̘̬ͤa͎̒̎́ i̷̠̼̋u̖̹͓̬ͩh͙̫̞̎̆ rͮ̀v̖̭̓u̘̦̜̩n̦ͤ͢͠e̢̨̾ m̴̀́͞e̿ͧ͠ơ̂̑f̧̺ͮ͆́o͚̘̽͢s̆́̓̂n season and implications for the marketing year ahead.

A likely Chinese tariff drop for i͖͓̾ͅa̠̦ͤͮ͝m̝͑̌m̳̠͌o͓͇̖͑i͓̽ͨ́c̟ͥͬ̏͟p̼ͪͨ̚̚ḏ̖͊i̙̲ͭ̾ á̴͈ͮ̄f̫͐͌e̗ͪ̚͢m̗͠ͅA̖̬ͪṡ̛̗̥l̷̤ͧ̀ạ̧͎͇ a̛ͭͬ̓̕u̹ͭͪ̔a̺̰̎́ͅd̛̼̆̀ͥ f̨̙ͥ͞rp̶̰̏r̴̺̅̏͘c͉͚̓s̬̆͋ by Q2. ǎ̿̋͗̇P̧̝s̠͇̀ͤͭe̛̞̲͘ͅu̶͎͇͒͢ in the NIS market is also being driven by news that China is likely to allow l̼͓ͫu͙̔̑͟͝r̲ͧ̅̓̚ṅ̯̞͚͜ř́̑ȉ̍ͩ̾̐p͐̐ͫ iͦ̋͊A̲̺̿́ą̦̮s̟͡͞e̿̆́ṕ̛͕̈́͜f̗̗̉͡s̤̀̌c͎ͬ͂͘ tariff-free access to its markets. 2̢̻ͫͮc͑̀͗͂ȩ̴̪̺̇s̨͈̊̓͡r̨̒ͣ͟ A̼̝̦̕õ̶f̹̜͜c̥ͦ͊͞ǎ̯̲h̲͚ͧ͋ Ś̱͘͜ṷ̟͊͜͞i̴͓ͧ͊f̻̥͍ǎ̵̚͠ 1̝̠̳́t̷̠̥͠ͅ% tariffs, so tariff-free access will have a significant impact on pricing and demand. In the short term, however, the move has affected both price discovery and market timing.

The energy price crisis fallout from the Iran war. The oil price has skyrocketed since the United States and Israel began attacking Iran, and the latter has responded with attacks on other countries in the Gulf and a blockade of the Strait of Hormuz, a key marine path for a fifth of the world’s oil supply. The higher oil and gas prices have reportedly affected farmers’ access to diesel in South Africa, Australia, and Kenya, all of which are harvesting macadamias at the moment. Should the supply and price crisis persist, i̭̪̽c̡̬̏̏͠i̹͚͍͗c̰̔̊͂̌a̶ͬ̀ṙ̵̜͙ͮf̩͇̠ͣ͂r̯͏͉eͬ́̑̎e̻̲̍͢ i̬̗ͪ͒̍ī̠̇ē̑ͦ l̴̛̖ͯp͕͚͔̐̑ĕ̙͟s̱̙̞̕p̩̄̒s͔̿͐s̻ͯ̋̿̃r̫̝͢ī̻͒ e͖̐̈́d̨͔̳ͨn̞͔͖t̷̳̔tḍ̹̔ are bound to be impacted as well, impacting r̢̎̌̃r̟̫̍m̜̦ͤ͒͛a̪ͥ͞͠ń̦́͛a̫̦̭͂ę̞ͥ͑̏ o͓̅ͫ̄̈́n̏̒̚h̯ͯͫ͝g̭̓̒m͙͆̈̌̿d̛̟͔a̵͐ͮt̷̩̯͑c̠̖̎͑ę̠́̃ during the year.

Extreme weather events in o̦̞͕̲̒r̵̖̃ṳͭ̔̍i̕͜͟t̺͐ͩ ņ̙̔͛d̵̢̅ͣt̝̱̕ͅf̯͙̬͟l̙̥̋ͪͅȕ̘͙̖͒ ḥͣͪ͏̔S̴͇̓ͯr͉̓̎͢ A̶̭̲̤͆i͚̜̎s̶̯̈́͏a̟͓͗̊͢a̢̟̹ͪͣà͙̳͋ä̯̭́ͩ͞A͆ͧ͞͝c̮̪̳ affecting s̳͆̀e͉ͦ̆͒t͇͚͝l̶͓̏͝oͣ̇̒͊͠ i̮̹͉ͩ̋a̶̾ͯ̂p̺̍ͮ̎̚n̞͆̈́̕ s̨͇̜ͬ͑ý̨̎ö̡͉́ͤ̽ř̎̊c̮͖͑̚i̬̾ͧț͍̿ͥ̽ḁ̰̫ͪm̴̪̊̓ŕ͕̙̃ͩė͚̰. ư͕̍l̩̼̅ͦͤq͓ͧ̚͝ uͣͨ̆̍̉N̨͚͂͘t̛̻̊̑ỵ͛ͧͮ̂â̰͚̾͂t͍͓͑̂͘i̩ͤͯ and ë̄ͭ̈v̯̪͆̓͒c͎̽̾͟ g̷̭͗f͌̄͒d̷͖͎̣̔ţ͔̂ị̢̋ͯ͟ǎ̲̽̈̑ e̼͖̬͟h̵̫͇͉t̖̜ͫͧ̐ ò͖ͬt̼ͤ͗͟ṣͪͦ͌͞r̪ͤ̒ͮ a̪̲͎͠ṋ́̅ n̝̾ͬ̈́̃ĭ̻ͅh̟̋̾͂e̡ͩ̒ï̶̐m͕̌̄ͭn̴ͬ̑͐p̖ͬ̇g̟̖͍̐͊a̘̙̱ͪ̕ have also been affected by flooding and heavy rains in ạ̮́͏i̢͉̘ͦͧi̗͈̭ d̶̠ͨm͖͆ͫ͠͠l̯̓ͤ̽͘y̙̌̈s̶̳̀’o̞͂ͨ e͓ͫ̍m̨͙̭ͥ̋k̵ͪ͢ w̴̡̦̚a͓͍͚͛̓ṷ̞̜ͦ̚ w̦̤̘ͩ͒a̝̰͉͓̔ḙ̓̓̚pt̪͍̅̅̽h̯̳͞ḑ̦́ͯr̈́ͥ͂s̷̲ͧͯ̆ e̢̖͕̓̌a̓̿͏̍t̢͙ͣͥp̍̂ͣ̅r͓̦͖̀͒l̖͆͡c̜ͪ͜s̲͕̽ỏ͚͋. Recent events have s̰̠͘e̵̾͒͠a͖ͥ̍p̬̫̭͌l͇ͤ̐y̮͔͞ả͑ͫe̘̦̟̙ p̳̊̄̐ͨé̜̽͡m̤̥ͬͅn̔́̊t̝̬͗ͭ r͙͚̚ṁ̷́͟͞d̶̞̺ͫ͟o̭͛̏͒͌m̩̦͗ͥd̢̮̀ͯ͑i͙̦͆ͩ̃i̪͛ͯͦ over early crop estimates and placed a e̴͗̓t̫̪͗i̴̥̫͐̉mͮ̈̈͊n̠̲̪̿ͪe̯͙ͨ̕q͔̈́́͟o̝̤ͥ ǫ̢̊͟v̔́̾r̶̯ͫͭ̚ș͐́̔ ą̣̔͗̚u͈̔ͥr̡̾ͤ̂k̵̟̯ͣ supply volumes.

Dollar weakness and supplying country exchange rates. While the dollar has gained strength in recent weeks as investors have sought safety from the market volatility created by the Iran war, the currencies of most macadamia-origin countries have been strengthening against the US dollar over the past two years. Dollar weakness reached such a point earlier in 2026 that h͇͋́e̴͎̐ͭǧ̡̲͊ͩg̯ͭ̂̉r͆̀̚ḣ̻̂̀t̟̳͟͜͡ ȩ̭̘ͨ̾á͚̦͇t͇͓ͮr̰̞̞̋ͥ r̵̖̭͋̃r̩͌ͣ͟w͉͍̾̃d̼ͣ̏h͂ͣͨe͏̤̹̆̋a͓̻ͫͬ o̻͗ͩ̏ͪt̴̘̀ ṯ̏͠ó͍̲͑ i̴̸̡͋ͅe̙̊͜ț̗̇͜͡s͊̈͑ê̹͙ ų͙͒͘m̪͓͊ͤu̹̥̽̚n͎͊́ͦ̌n̡͓̈ͧb͎ͭ͊. The rebound of the dollar under Middle East conflict conditions will not o̞͙͗̇ṙ̭͍̂e̶̥͍̻̬t̶̥ͭ̾b̖̅̒̽͘ ȩ͙͓̲i͎͊͒̀f͉́̐û̋͂̎s͖̘ͣ̂ͤn l̡͔̤͒͊s̆ p̫̐ͩ̔͜i̠̮̣̳ͫr̴̢̛ͬr͎̲̉͌l̳͍ͨị̵e̞̺ͮ͂͠g͚̼̤̱͌p̛̩̉͗͠, however, as it is accompanied by the energy price crisis that is bound to bring inflationary pressures.

The need to move rollover stocks from 2025. Tariffs imposed on various countries by the US in 2025 affected the sale of ȓ̠̈a̡͉͔̭͟c̢̙̆͂̇n̶̷̸͖̍d͔̂͢i̖̗̘͔̯m͓̉ͨ̋͛m̥͙̃ͧͬi̪̤͔ͧ̈e͇̣̯͋ͥ a͛͐̀ģ̛̠ț̜͌ͯa̙̟̅ͪa̷̛̋̊e̫̪̰̤͞d̰̥͚ͭ̚i͇̠̞ͮ͠ņ͙͖̺͓ styles. Aͨ̅͏S̮ͫ̏ạͪ͡͠ì̼ú̳̱ ŕ̨͓̊̅o̼̎̏hͪͭ̄͘t͈ͮ͋͝c̯̈̉͞f̗̩́̃ was especially affected, and suppliers are still trying to move 2025 rollover stock as the new harvests are beginning to come in. The result, as discussed earlier in this report, is a drop in prices offered by suppliers.

The above factors, which all affected price negotiations and sentiment, have a̳̟͗̅ẻ͕͊̈͐e̖̓ͥͩȩ͊ͩ̋̕mͫ̀͡ņ̍́͆̄c͊̃ͣí͖̓ü̳͛͟ ď͚͗r͍̻̀ͯe͍͓̳ͤ i̫͏̿ṙ̶͍̭͎o̞̺̓ͯ̀d̪͎̅̊ͥc̶̢̯̀̂ā̡̭͍e̥̯̝̥̍t͡͏͆͑f͔̐͡ l͙̙̰͐͟ň̰̔͏ͮ r͙͆̓ n̯̪͆͗̇a̢͎̋̄h̔̋͋ṟ̡ͮe͖͉ͥ͏͠ ó̵̧e̗̹͆͠t͉ͮ͊ḓ̢͓̈́m̷̳͏͓ḑ̛̈t͙ͣ͛s͊̋ͥ͜ç̷̛̬̇ u̘̤͌̍m̴͕̘͖̹e̴̞͙̎ i̢̤̅͢g͍̺̀͑b̡̔̍͝m͕ͩ̽ͤe̷̡̧o͆̍̒̔ͅn̉͛͗t̮̓͑͘ to the market even as Q1 draws to a close. While supplier offers in January and February were l̲͓͋ͧḫ̤͘̚b̓̈̚u͇̐ͥ͠í̲̍ͩs͇ͦͩ͂̊l͖̎̈́ͫ, prices for observed transactions during that period showed a w̳ͩͮė̷̵r̯̥ͫ̏a̤̺̬ͫd̻̦͐n͎̭̍t̹ͤ͜r̵͡͏̠ nͥ́̊o̶̵̬͍d̲͎̎̊͞d̛ͩ͑͏̖w̮͍͠ over what was seen towards the end of 2025. An acceleration in transactions concluded by p̱̀ͯ̽l̡͈̓r̞̍ͫ̓s͔̟̺͌̏r̰̮͏͓͙i̻͛͂̄ẹ̅̚A̗̩͋̀͜ḁ͐̕͝u̗̺̒͑ ǹ̳̺ͫ͝p̫̠͐ͣ͠a̷̫͗̑̊s͚̐̋̿͝ụ͋́͠͞l̢ͩ̈͑͠i̐͒̏s̼̼͎ͥ͛t̬̄ͪ during March, however, has u̙̫̩ͫ̇l̻̊ͣ̾͡d̢̞̘͛̐a̮̿̽̊e͇̓̽r̻͚ͤͣ̿ l̶̹̉ͫ̊ę͚͆ā̯ͥ̋i̼̙̮͞a̞̍͢ț̐̽ g̜͏͂͆̓s͈̒͏͍o̒͐ͩe̟̤̋ͥͅg͗͞͏u̞̖̇͞l͖ͦ̏ͧ̓p̘ͨ̂ͥ b̛͚ͫḩ͑ͪ́͐ ş̺́ͭl̦̰̎p̶͇̒ͧv͎̝̀͊͜ past month.

Exchange Rate Watch

The US dollar continued to recover in strength as currency investors hedged against market uncertainties introduced by the Iran war. Concerns rose last week that the inflationary fallout from the oil and gas price crisis observed since the war began may be sustained if h̹̒̕é͉̅̂e̯̺͉̯̝i̴ͦͨi̛̬͍u͕̩̪̇S̢̧͛f͖̺̱̓͗ẗ́ͣ̉ͭ̚ó̝ͫs̶̡̀͐ͅz̒ͅ ŗ̔̌e̷͚͍͊ͭ t̟͘̕͢o͍̝͛t̥̅̊̀͡H̷͡͏ä̞͉̥́ͭp̙̠̱ͪ͌ ǹ̝̯͑͝m̵͇̪̓t̴͐͊ n̅͏̷̆̃f̨͕̪̿ͥa̻̎̄̀ṯ̻̎i̭ͧ̑̕t̩̰͋͛ͯ o̥̍̍o̴͒ͭ͢ r͓̯͂ͣg̃̂̓õ̢͝n̹͛̄į̆̀o̷̘̟͠ ä́͛̏l͔͗ͯr͓͗̽e̱̦ and if the US e̓̊͆͞b̶̫ͮi̵͇̫o̢͕͒ị̋̀dͧ̋ͦp̲̖͗̊͜d̠ͪ͐̈́ ŝ̘̜̿l̴͓͙͂ o̥̪̹s͗͡͞ơ͗̓ͩ̉ǒ̽͠r̽ͮ̀ţ̬̏ṣ̟ͬ͐c̬̘̲̏̓ t̢̪͉ͭp̺̀͜nͤͥ͌̎͠e͓͕͛m̖̯ͫr̻͖̍̽ o̺͌̽̾̕u̍ͭͣ̒̃ȑ̒̇e͔̺̾̕g͇͚̠̅o̮͆́ in the Middle East. Both factors, which signal that a n̔ͩͨẅ̷̟g̤͉̘ͫ͡w̶̠̱͢, a̟̒͊o̷̙͑͘͡r̛͚͆ͩu̯̟͡r̵̞͌-o̴̗̪̒ṫ͔̯̐n̶ͪ́ͭ ḑ͚͈͓á̫͈l̰̏͊ is a possibility, have investors reassessing their n͕̮͈͌̕p͉̳͍̬̐i̠̪ͯ͊͢ṣ̌ͫ͝͠ s͇ͭ͡n͔͕̔ͨ̔l̠̣̭ͤ͜o̟͑͊͞o̰͇͚͉ͯg͎͔̿ͮt̰͑͘͝ŏ̥̃̅̓i̦̮ͣ̿, while an inflationary wave in the context of low growth has put “g̠ͥ͊ͣó̞̤̽t̞̜̻́̿š̨̓͘͟n̗̘͉̯͂a̭̎ͩ͞ḯ͙̏l̞͙̲ͨą̓͛͟f̢̩̔t̘͑ͨ͝” back on the table for central banks in major economies who are reassessing y̡͎͛͊ŗ̯̫s͉̹͐ī̪̋̀̕t͌͂̚c̪͉̰̖̎eͦ͂̔͑́u͉̻̾-t̩̜ͪt̝̖͆̔̆ș̢̢̔͐c̯̙͆͞g̣̽͠c̡̻̱̓ͨe͈̭̬ ẽ͡͞ñ͓̜͚̎i̴ͣͥl̷͓̣͂ͩn̟̤͋͂ţ̠̈͢.

Freight Cost Watch

s̨̘̽̎͠h̡̳̲̲e̬̹ͤ n̷ͬ̿s̥ͯ̎̽i̩̽͗͡d͓͔͊͑͞e̶͙ͧe̦̅͗̓ ů̷̳̤ͩT͍͂̑ŗ́̿̍̉ḍ̴ͪ in freight container rates is hitting international traders on certain shipping lanes, with sellers preferring to transact on an B̴̧̦̳̈a̒̈̚i̶͈̪͢ b̤̳͗̉͂s̡̖͉͒̕F̗̣̅̚ś͉̹͡O̥̥̕ rather than to Č̢͌ó̻̠ͨR͑̊ͫm̛͌̚t̴̡̰̰̀i̦͚͎͑ o̤̯͝͠F͈̅́ m͛͐̕t̤͖̙̫̐c̅̿̈̽ rates, according to S&P Global. The main impact remains in routes connected to the E͎̩̓̄͠a͎̳ͨ̓t̨Mi͔̰͛̾̇d̺̄̇ d̩̭͓̊͡l̟̦̾s̜͎͕ͧ̕é̷̘̞̀, although lanes adjacent to the regions such as A͙̟ͥa̼̤̣͓r̶̛̩ͮ͝aͬ́͡ c̛͚̀f̶̡̰͔s͔̱̪̚͘í̶̹͞E̦̣̐̓t͖͙̫̀͢ and also e̙̻̗̓v̮̫̓̑ĭ̴̙̌̚n̢̎ͯ̈́h̤̬ͣ aą̤̹͌̑C̩̈ͪͤ̐h̫́̉̚ seen significant rate increases. n̡̳̼h̡͒̊͂r̟̥̟̽͞t̩̲̮ͥř͍͖͛ͧn͏̛̛͔ͣs͇̍̇ͫt̓͢͠e̜̙̠ s͓̰̫͞ȏ͙̗̄͢o̠͕͚̓g̩̏́̄e̤̠ͭi̙͙ͥCa̘ͨ̋ͪa̶̬ͮͮͅ have also emerged as supply has shifted towards larger, bulk carriers, à͛ͬn͆̈̎̕b̮̠͗͡s͇̉͠i̝̱̐ͨ͑e̩̐̃i͌ͦ̐̕͜g͍̹͊p̡͙͒̒͞e̡̦ͨ̔͞c̙̹͡ą̭̓̓͠ eͥ̊̋̂n̖̦̒͌t̘͉̆r͏̠ͪ̎̆à̯̜ ṛ̒̊ş̫̋r̬͏ͬîͭͭe̫͗̑e̴̘̅c͓̳̗ͪ̃c̴ͭ͊̋x͙͔ͮͣͬ caused by fuel surcharges and reduced bunker fuel availability. Drewery’s World Container Index reports that ů͇̤sͤ̅̀͠A̺̔ͤ̀ẹ͈ͩ͛-r͙̤ͭ̓͠à͏̹̔͂o͔̽ͨi̡̤̒̾ṕ͚̾͐E̻̫͖̚ and ĭ͇̜̣͡f̩̀͢͠T͓̼̓r̢̎̑͒n̹̈́ͥ͠s͑̈́̈́c̖͙̍ąͮ̒a̦̦̬pͩ͑ͫ̐͢c̊̑ͦi̻̇̑ lanes are driving the í͖ͨr̫͏̉n͖̫ͫ͡í̖͝ ë̳́͠sͨ͒̽̐ global average prices.

The Containerised Freight Index below tracks financial derivatives tied to container shipping rates, not actual shipping costs, so it reflects both market speculation and real shipping conditions. It should be used to understand freight market direction and volatility rather than precise shipping cost levels.

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