CASHEW MARKET REPORT WEEK 39 (28/09-3/10/2026)
*ENGLISH VERSION
1. OVERVIEW OF VIETNAM AND GLOBAL MARKETS
General Trend
Vietnam: The cashew market is trending upward. RCN prices continue to strengthen due to strong demand from India; cashew kernel prices are also rising as some processing factories have incurred losses and closed, reducing available supply.
Vietnam Cashew Kernel Trading Prices (FOB)
| Product Type | Low Price (USD/lb) | High Price (USD/lb) |
| W180 | 4.50 | 4.60 |
| W210 | 4.10 | 4.20 |
| W240 | 3.55 | 3.60 |
| W320 | 3.15 | 3.35 |
| SW/LBW320 | 2.55 | 3.00 |
| WS | 2.60 | 2.75 |
| LP | 2.00 | 2.20 |
| SP | 1.40 | 1.60 |
Supply and Demand Trend
Buyers remain cautious about higher cashew kernel prices, but supply is limited because some processing factories have closed due to losses.
Traders have to pay higher prices to fulfill signed contracts.
Cashew kernel prices are expected to increase slightly, but the increase will be limited.
Buyers in Asia and the Middle East seeking high-quality kernels may have to pay higher prices, in line with rising RCN costs in Guinea-Bissau and Tanzania.
2. RAW CASHEW NUT (RCN) MARKET
RCN Prices Remain Firm
RCN prices continue to rise, driven mainly by strong demand from India.
Some Vietnamese processors that previously delayed purchases while waiting for lower prices are now facing significant margin pressure.
To fulfill signed kernel contracts, domestic processors are shifting to lower-quality RCN from West Africa.
Reference RCN Prices – CNF Vietnam
| Origin | Quality | CNF HCM Price |
| Guinea-Bissau | 53 lbs/220 | 1,875 USD/ton |
| Côte d’Ivoire (IVC) | 44 lbs/190 | 1,510 USD/ton |
3. INTERNATIONAL CASHEW KERNEL PRICES
Reference FOB Prices
Average FOB prices as of 28/09/2026:
| Type | Vietnam | Africa |
| W240 | 3.53 | 3.73 |
| W320 | 3.23 | 3.48 |
| WS | 2.65 | 2.73 |
| LP | 2.08 | 2.33 |
Comparison of Vietnam and African Prices
Vietnam’s average prices were lower than African prices on 28/09:
- W240: Vietnam 3.53 versus Africa 3.73 USD/lb, a difference of 0.20 USD/lb.
- W320: Vietnam 3.23 versus Africa 3.48 USD/lb, a difference of 0.25 USD/lb.
- WS: Vietnam 2.65 versus Africa 2.73 USD/lb, a difference of 0.08 USD/lb.
- LP: Vietnam 2.08 versus Africa 2.33 USD/lb, a difference of 0.25 USD/lb.
4. SHORT-TERM OUTLOOK
- RCN: Strong demand from India is supporting RCN price levels; high-quality Guinea-Bissau RCN has been purchased by Indian processors at around 1,850 USD/ton.
- Premium Kernel Segment: Buyers in Asia and the Middle East seeking premium products are expected to accept higher prices to reflect the cost of RCN from Guinea-Bissau and Tanzania.
- Vietnamese Cashew Kernels: Prices may continue to rise slightly, but the increase will be limited amid constrained kernel supply and rising RCN prices.
Compiled Sources
*Disclaimer: This bulletin is provided for reference purposes only and does not constitute investment advice or trading advice. The data, assessments, and forecasts are compiled from sources considered reliable at the time of publication, but absolute accuracy, completeness, or timeliness is not guaranteed. The publisher is not responsible for any losses arising from the use of the information in this bulletin. Customers should carefully consider the information and consult experts before making decisions.
*CHINESE VERSION
1. 越南及全球腰果市场概况
总体趋势
越南：腰果市场呈上升趋势。受印度需求强劲推动，原料腰果（RCN）价格继续走强；由于部分加工厂亏损关闭，可供应量减少，腰果仁价格也随之上涨。
越南腰果仁 FOB 交易价格
| 产品类型 | 最低价格（美元/磅） | 最高价格（美元/磅） |
| W180 | 4.50 | 4.60 |
| W210 | 4.10 | 4.20 |
| W240 | 3.55 | 3.60 |
| W320 | 3.15 | 3.35 |
| SW/LBW320 | 2.55 | 3.00 |
| WS | 2.60 | 2.75 |
| LP | 2.00 | 2.20 |
| SP | 1.40 | 1.60 |
供需趋势
买方对更高的腰果仁价格仍持谨慎态度，但由于部分加工厂因亏损关闭，市场供应受到限制。
贸易商为履行已签订的合同，不得不支付更高的价格。
预计腰果仁价格将小幅上涨，但涨幅有限。
亚洲和中东地区对高品质腰果仁有需求的买方，可能需要支付更高的价格，以反映几内亚比绍和坦桑尼亚不断上涨的 RCN 成本。
2. 原料腰果（RCN）市场
RCN 价格保持坚挺
RCN 价格继续上涨，主要动力来自印度的强劲需求。
此前因等待价格下降而推迟采购的部分越南加工商，目前正面临较大的利润率压力。
为履行已签订的腰果仁合同，越南国内加工商正在转向使用来自西非的较低品质 RCN。
越南 CNF 参考 RCN 价格
| 产地 | 品质 | 胡志明市 CNF 价格 |
| 几内亚比绍 | 53 lbs/220 | 1,875 美元/吨 |
| 科特迪瓦（IVC） | 44 lbs/190 | 1,510 美元/吨 |
3. 国际腰果仁价格
FOB 参考价格
截至 2026 年 9 月 28 日的 FOB 平均价格：
| 类型 | 越南 | 非洲 |
| W240 | 3.53 | 3.73 |
| W320 | 3.23 | 3.48 |
| WS | 2.65 | 2.73 |
| LP | 2.08 | 2.33 |
越南与非洲价格对比
9 月 28 日，越南平均价格低于非洲：
- W240：越南 3.53 美元/磅，非洲 3.73 美元/磅，价差为 0.20 美元/磅。
- W320：越南 3.23 美元/磅，非洲 3.48 美元/磅，价差为 0.25 美元/磅。
- WS：越南 2.65 美元/磅，非洲 2.73 美元/磅，价差为 0.08 美元/磅。
- LP：越南 2.08 美元/磅，非洲 2.33 美元/磅，价差为 0.25 美元/磅。
4. 短期展望
- RCN：印度强劲的需求正在支撑 RCN 价格水平；高品质几内亚比绍 RCN 已被印度加工商以约 1,850 美元/吨的价格采购。
- 高品质腰果仁市场：预计亚洲和中东买方对高端产品的需求将需要接受更高价格，以反映几内亚比绍和坦桑尼亚 RCN 的成本。
- 越南腰果仁：在腰果仁供应受限及 RCN 价格上涨的背景下，价格可能继续小幅上涨，但涨幅将有限。
资料汇总
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