Availability of Brazilian pepper of 580 GL allegedly imported for value addition and re-export in the domestic market at ₹375 a kg has pounded the Indian pepper sharply on Wednesday.

Market sources told Business Line that the material smuggled into the upcountry markets was being delivered at the buyers' doorsteps at ₹375 . In addition, pepper from other origins is also being sold at lower rates. This phenomenon has pushed the spot prices further by ₹400 a quintal to close at ₹38,900 (ungarbled) and ₹40,900 (garbled) a quintal.

On the terminal market 25 tonnes were traded today. High range pepper went for ₹390 a kg while Pulpally and Bathery material has fetched ₹380 a kg. Sellers of imported material from the plains were at ₹360-365 but buyers were quoting ₹350 per kg.

Indian export prices were at $6,575 a tonne c&f for Europe and $6,825 a tonne c&f for the US.