The chickpeas market has crashed sharply, causing heavy losses for importers. Heavy arrivals from vessels such as Chios Victory and V Tre have severely disturbed the market balance. This oversupply came at the same time as a transportation strike, which further worsened the situation by slowing movement of goods and increasing panic selling.
Importers are under strong financial pressure. The import cost of earlier shipments ranges between $562 and $656 per metric ton, while sellers were forced to sell stock at levels only slightly above $500 per ton. As market conditions weakened further, spot prices have now fallen below $500 per ton, pushing importers into serious losses.
The downside risk remains high, as two additional vessels, Pan Optimum and Appaloosa, are yet to arrive. These shipments, carrying approximately 66,000 metric tons of chickpeas, with import costs of about $524 and $515 per ton respectively. Their arrival is likely to add more supply pressure on already weak prices.
In the forward market, chickpeas are trading near $483 per ton, showing bearish sentiment and expectations of continued oversupply. Meanwhile, January import costs are estimated near $490 per ton, yet importers are selling well below replacement cost. This selling below replacement cost, even though peak demand months (Ramadan) are still ahead, shows that many importers are facing liquidity problems. Due to blocked funds in other pulses, slow lifting, and rising financial pressure, importers are selling quickly to generate cash rather than waiting for better prices.
In the short term, the market direction will depend on the pace of vessel arrivals and lifting, which can ease liquidity pressure. Any washout or cancellation of a vessel would reduce excess supply and could turn the chickpeas market positive.
