New price records at coonoor tea auctions

The saga of creating new price records at the auctions of Coonoor Tea Trade Association

The saga of creating new price records at the auctions of Coonoor Tea Trade Association witnessed in the recent weeks continued at Sale No 32 when High Cliff Tea factory in Kengarai, a small hamlet in The Nilgiris district fetched all-time high prices for its two grades of orthodox teas

“Both are orthodox speciality grades bought by Nisha Enterprises for ₹403 a kg each.”, Ravichandran Broos, General Manager, Paramount Tea Marketing, told BusinessLine.

“This was the highest price not only in Coonoor auction but the entire South India this week for any tea, orthodox or CTC, from any factory, corporate or small-scale”, he said.

“Because of this, we have broken the hitherto record of ₹400 a kg held by us. We manufactured these teas for ‘The Golden Leaf India Award: Southern Tea Competition’, an initiative of Tea Board and UPASI in which we bagged two coveted titles”, High Cliff’s Managing Director B Rajesh Chander said.

“This is the highest price fetched by any of our teas since 1984 in our Hittakkal group to which High Cliff belongs”, he pointed out.

“We are happy that we have fetched record prices in South Indian regular auctions of the last few weeks for six of our grades within seven months after converting our factory into exclusive orthodox tea manufacturing unit”, he noted.

In the CTC market, Lakshmi Estate tea, auctioned by Paramount Tea Marketing Pvt Ltd., topped when Tea Services India Pvt Ltd bought its Pekoe Dust tea for ₹319 a kg.

“It is a record because this is the highest price fetched by any of our teas since manufacturing started in our factory in 1965”, said H Sivakumar, Managing Partner of Bengal View (N) Estate Tea Factory which own ‘Lakshmi Estate’ mark.

Homedale Estate’s Red Dust grade, auctioned by Global Tea Brokers, fetched ₹311 a kg and these two were the only CTC teas to fetch beyond ₹300 a kg.

In the CTC Leaf auction, Cross Hill Estate’s two grades, auctioned by Global Tea Brokers, topped at ₹291 and ₹290 each.

“By virtue of this, we have surpassed our last week’s record of ₹290 and ₹286 a kg. This has created a new price record for us because these are the highest prices fetched by any of our teas in a regular auction ever since manufacturing started in our factory in 1945”, said Dr Jagdeep Raju, Director, Cross Hill Tea Factory in Aravenu.