CASHEW MARKET WEEK 36

*English Version
CASHEW MARKET WEEK 36 (31/08 – 05/09/2026)

Global cashew market sentiment remained cautious. Raw cashew nut (RCN) prices remained high, supported by demand ahead of the festival season in India, while cashew kernel prices continued to face pressure as Western buyers were not yet willing to accept prices corresponding to raw material costs. Vietnam’s imports and exports continued to decline slightly year-on-year.

1. OVERVIEW OF THE VIETNAMESE AND INTERNATIONAL MARKETS

General trend

The raw cashew nut (RCN) market continued to maintain a firm-to-slightly-higher price trend. Offers of high-quality RCN for the Indian market remained high due to demand for the year-end festival season. However, most lots offered to Vietnam currently have outturns of only 40–45 lbs, making Vietnamese importers cautious and keeping trading activity limited.

Cashew kernel prices remained weak and showed no significant upward trend. Most customers in the United States and Europe have returned after the summer holidays, but buying demand remains fragmented.

Buying indications for W320 for November–December shipment were only around USD 3.03–3.05/lb. Meanwhile, some EU customers were willing to pay around USD 3.10/lb for suppliers with stable quality.

Many small processing facilities in Vietnam continued to suspend production because raw material and kernel prices could not be balanced. Higher cashew shell prices helped factories offset part of their processing costs, but this was still insufficient to bring processing workshops out of losses.

Vietnamese Cashew Kernel Trading Prices (FOB)

Product	FOB Price (USD/lb)
W180	4.35 – 4.55
W210	4.00 – 4.30
W240	3.55 – 3.60
W320	3.10 – 3.35
SW/LBW320	2.85 – 3.00
WS	2.60 – 2.75
LP	1.95 – 2.20
SP	1.35 – 1.60

Supply and demand trends

• Buyers continued to maintain a low-price stance, particularly for W320.
• Processors limited offers due to high raw cashew nut prices.
• Consumption demand in the United States and Europe has returned, but is not yet strong enough to push prices higher.
• Stockpiling demand for the Indian festival season continued to support the market.

2. RAW CASHEW NUT (RCN) MARKET

RCN prices remain firm

Although trading activity remained subdued, raw cashew nut prices continued to stay high. The main reason was demand for high-outturn RCN from India ahead of the year-end festival season. Vietnam has not shown strong demand because most offers are of average quality and cashew kernel prices have not increased significantly.

Reference RCN Prices, CNF Vietnam

Origin	Outturn	CNF Price (USD/ton)
Côte d’Ivoire	44/190	1,455 – 1,460
Côte d’Ivoire	46/180	1,530 – 1,570
Côte d’Ivoire	45/180	1,500 – 1,530
Côte d’Ivoire	47/185	1,550 – 1,610
Ghana	42/200	1,400

3. VIETNAM’S CASHEW EXPORTS AND IMPORTS

Cashew kernel exports

In August 2026, Vietnam exported 65,880 tons of cashew kernels, down 5.38% year-on-year. However, export value still increased slightly by 0.2% as the average export price rose to USD 7,203/ton.

In the first eight months of 2026, exports reached 477,894 tons, down 0.89% compared with the same period in 2025. Export value increased by 2.85% due to a higher average selling price.

Raw cashew nut imports

In August 2026, Vietnam imported 186,471 tons of raw cashew nuts, down 30.85% year-on-year. Cumulative imports in the first eight months reached 2.12 million tons, 2.13% lower than the same period in 2025.

Raw cashew nut imports by source (Jan–Jul 2026)

• Cambodia remained the largest source, with nearly 998 thousand tons, up 10.57%.
• Tanzania increased sharply by 22.64%.
• Nigeria and Ghana declined by 33.77% and 33.48%, respectively.
• Côte d’Ivoire increased slightly by 3.53%.

4. INTERNATIONAL CASHEW KERNEL PRICES

Reference FOB prices

Product	Vietnam (USD/lb)	Africa (USD/lb)
W240	3.52	3.72
W320	3.20	3.45
WS	2.67	2.72
LP	2.07	2.32

 

Overall, Vietnamese cashew kernel prices were relatively stable compared with the previous month. The price gap between Vietnam and Africa remained for W320, WS and LP grades.

5. SHORT-TERM OUTLOOK

The global cashew market continued to face low liquidity as Western buyers were not yet ready to raise their purchasing prices. In the short term, cashew kernel prices are unlikely to rise sharply without a clear improvement in demand.

However, several supportive factors are emerging:

• Stockpiling demand for the Indian festival season remains positive.
• High-quality raw cashew nut prices continue to remain high.
• Many processing plants have reduced operating capacity or temporarily suspended production, reducing pressure on cashew kernel supply.

With these signals, the market is expected to gradually improve from late Q3 into Q4 as demand for goods for the year-end festival season increases across major markets.

Source: Compiled from various sources

*Disclaimer: This bulletin is provided for reference purposes only and does not constitute investment advice or trading advice. The figures, assessments and forecasts are compiled from sources believed to be reliable at the time of publication, but no absolute guarantee is made regarding their accuracy, completeness or timeliness. The publisher shall not be liable for any losses arising from the use of the information in this bulletin. Customers should carefully consider the information and consult professionals before making decisions.

* Chinese Version

腰果市场第36周（31/08 – 05/09/2026）

全球腰果市场情绪持续谨慎。受印度节庆季备货需求支撑，腰果原料（RCN）价格维持高位；与此同时，由于西方买家尚未准备接受与原料成本相匹配的价格，腰果仁价格仍面临压力。越南腰果进出口量较去年同期继续小幅下降。

1. 越南及国际市场概况

总体趋势

腰果原料（RCN）市场价格继续保持坚挺并略有上涨。由于年末节庆季需求旺盛，面向印度市场的高品质腰果原料报价仍处于高位。然而，目前大多数对越南报价的货源出仁率仅为40–45磅，使越南进口商保持谨慎，市场交易仍较为有限。

腰果仁价格仍处于弱势，尚未出现明显上涨趋势。美国和欧洲的大多数客户在暑期假期后已恢复采购，但买需仍较为分散。

11–12月交货的W320买方报价仅约为3.03–3.05美元/磅；与此同时，部分欧盟客户对于品质稳定的供应商愿意支付约3.10美元/磅。

越南许多小型加工企业因原料与腰果仁价格难以平衡而继续停产。腰果壳价格上涨帮助工厂弥补了部分加工成本，但仍不足以使加工企业摆脱亏损。

越南腰果仁交易价格（FOB）

产品	FOB价格（美元/磅）
W180	4.35 – 4.55
W210	4.00 – 4.30
W240	3.55 – 3.60
W320	3.10 – 3.35
SW/LBW320	2.85 – 3.00
WS	2.60 – 2.75
LP	1.95 – 2.20
SP	1.35 – 1.60

供需趋势

• 买方继续坚持低价策略，尤其是W320。
• 由于腰果原料价格高企，加工商限制报价。
• 美国和欧洲的消费需求已经恢复，但尚不足以推动价格上涨。
• 印度节庆季的备货需求继续对市场形成支撑。

2. 腰果原料（RCN）市场

RCN价格保持坚挺

尽管市场交易尚未活跃，腰果原料价格仍维持高位。主要原因是印度为年末节庆季采购高出仁率腰果原料的需求持续存在。越南目前需求并不强劲，因为大多数报价货源品质一般，而腰果仁价格也尚未明显上涨。

越南CNF参考RCN价格

产地	出仁率	CNF价格（美元/吨）
科特迪瓦	44/190	1,455 – 1,460
科特迪瓦	46/180	1,530 – 1,570
科特迪瓦	45/180	1,500 – 1,530
科特迪瓦	47/185	1,550 – 1,610
加纳	42/200	1,400

 

越南腰果进出口

腰果仁出口

2026年8月，越南出口腰果仁65,880吨，同比下降5.38%。然而，由于平均出口价格升至7,203美元/吨，出口额仍小幅增长0.2%。

2026年前8个月，出口量达到477,894吨，同比2025年同期下降0.89%。由于平均销售价格提高，出口额增长2.85%。

腰果原料进口

2026年8月，越南进口腰果原料186,471吨，同比下降30.85%。前8个月累计进口量达到212万吨，比2025年同期低2.13%。

按供应来源划分的腰果原料进口（2026年1–7月）

• 柬埔寨仍是最大的供应来源，进口量接近99.8万吨，同比增长10.57%。
• 坦桑尼亚进口量大幅增长22.64%。
• 尼日利亚和加纳分别下降33.77%和33.48%。
• 科特迪瓦小幅增长3.53%。

4. 国际腰果仁价格

FOB参考价格

产品	越南（美元/磅）	非洲（美元/磅）
W240	3.52	3.72
W320	3.20	3.45
WS	2.67	2.72
LP	2.07	2.32

 

总体来看，越南腰果仁价格与上月相比基本保持稳定。越南与非洲之间的价差在W320、WS和LP等级中仍然存在。

5. 短期展望

由于西方买家尚未准备提高采购价格，全球腰果市场仍面临流动性偏低的问题。短期内，如果需求没有明显改善，腰果仁价格难以大幅上涨。

不过，一些支撑市场的因素正在形成：

• 印度节庆季的备货需求仍保持积极。
• 高品质腰果原料价格继续维持高位。
• 许多加工厂降低产能或暂时停产，从而减轻腰果仁供应端的压力。

基于上述信号，随着各主要市场对年末节庆季商品的采购需求增加，市场预计将从第三季度末逐步改善，并延续至第四季度。

来源：综合整理

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