You may have heard the news over the weekend that the price of a prized species of the King of Fruits spiked to a 33-year high.
According to Chinese newspaper Shin Min Daily News on Sunday (July 23), the price of Mao Shan Wang (MSW), the most expensive variety of the fruit, hit $38 per kg and its other popular cousin, the Golden Phoenix reached $32 per kg.
As volatile as the durian market seems, fans of the fruit can rejoice because prices have now dropped to the low thirties and is expected to remain so for the rest of the season.
This is according to several durian sellers who gave price updates on their respective stall’s Facebook pages which puts the price of MSW at between $31 and $33 per kg.
As to why the price hiked in the first place, owner of Ah Seng Durian in Ghim Moh, Mr Steven Shui told Business Insider that a major event held over the weekend caused a surge in prices. He refused to disclose what the event was.
In order to secure the supply needed for the event, suppliers had to buy the durians at higher prices from plantation owners which pushed the overall cost price up.
In addition, Jonathan Tee from The Durian Story at Upper Paya Lebar disclosed that “MSW prices have been increasing due to the demand from China and Hong Kong” because “they are willing to offer more in terms of pricing and have bigger purchasing power.”
“Corporate events can also increase the price but it is only for that particular day,” he added.
In the coming months, durian sellers expect the prices of both varieties to be in the high twenties.
For the MSW range, Mr Shui forecasted the price to be between $28 and $32 while Mr Sin, owner of Sin Durian, quoted a price range of between $24 and 28.
Don’t expect a drastic dip in prices so quickly though.
Mr Tee said that the bumper harvest from Malaysia has been pushed back to December so until then, it seems like prices will remain relatively high.