The 2017/18 velvet season has started with the same enthusiasm experienced just two seasons ago. Reports that early season velvet contracts are gaining momentum as importers and companies are keen to ensure they have enough New Zealand velvet for the coming peak consumption period. Last season, some Korean importers reported they were a bit late securing supplies of New Zealand velvet.
Prices reported at this early stage are firm on last year as initial market enquiry started strong. Velvet enquiry remained strong throughout the quieter months, with importers waiting for the new season to kick off. Until the first major export volumes occur it is uncertain as to where the price will settle. Regardless, things appear better than the disappointment experienced last year, when prices fell below expected levels.