Nigeria RCN Price Index Update: What the Latest Offers Are Telling Us
The Nigerian RCN market continues to show significant price dispersion depending on outturn, nut count, shipment position, and cargo readiness.
Recent offers from multiple suppliers provide a useful snapshot of current market sentiment and pricing structure.
Latest Nigeria RCN Offers – CNF Ho Chi Minh City
seller 1:
Kogi 45 lbs / 195 nuts
Quantity: 200 MT
Price: USD 1,420/MT CNF HCMC
Shipment: Latest 15 July 2026
Ogbomosho 46 lbs / 185 nuts
Quantity: 200 MT
Price: USD 1,475/MT CNF HCMC
Status: On Board
Destination: Ho Chi Minh City
seller 2
Ogbomosho 48 lbs / 180 nuts (Premium Specification)
Quantity: 282 MT (2 BLs)
Price: USD 1,585/MT CNF HCMC
Crop: SOB 21 May 2026
ETA HCMC: 02 July 2026
Payment Terms: 10% + 90%
Subject to re-check upon confirmation
The spread between the lowest and highest offer is approximately:
👉 USD 60usd/mt same outurn but 2 sellers offer.
and 80usdmt for kogi and ogbomosso
This is a meaningful premium in today’s market.
The difference is not simply about origin.
It reflects several structural factors:
1. Outturn Recovery
The market continues to pay for recovery.
45 lbs material and 48 lbs material are not competing for the same processing economics.
At current kernel prices, a few pounds of additional outturn can significantly affect factory calculations.
2. Nut Count Matters
180 nuts/kg is increasingly viewed as premium specification.
Larger nut size generally offers:
Better processing efficiency
Better kernel recovery expectations
Stronger buyer confidence
As a result, larger-size material continues to command a premium.
3. Position Premium
Another important factor is cargo position.
The market currently values:
Bonded cargo
BL-ready cargo
Nearby shipment
more than forward shipment opportunities.
The reason is simple:
Factories are increasingly managing cash flow and inventory timing rather than chasing long-term positions.
Market Interpretation
The most interesting signal is not the absolute price level.
It is the coexistence of multiple price tiers.
Today, the market is not pricing RCN as a commodity alone.
It is pricing:
Quality
Yield confidence
Cargo readiness
Timing risk
This explains why a 45 lbs cargo can be offered around USD 1,420 while premium 48 lbs material remains above USD 1,580.
Current Market Context
At the same time:
WW320 remains around the USD 3.00–3.10/lb range
Processing margins remain sensitive
Factories continue to prioritize liquidity and inventory management
This means buyers are becoming increasingly selective.
The market is no longer asking:
“Can I buy RCN?”
The market is asking:
“Can I buy the right RCN?”
Final Insight
The current Nigeria market reflects a broader shift across the cashew industry.
Price alone is no longer the primary decision factor.
The key variables are:
Recovery
Yield quality
Execution timing
Inventory risk
As liquidity remains selective, premium cargo continues to attract attention while lower-specification cargo faces greater scrutiny.
The next major market move will likely depend not only on price direction but also on how quickly buyers regain confidence in processing margins.
Disclaimer
This market note reflects commercial discussions and available market indications at the time of writing. Actual transaction prices may vary depending on quality confirmation, payment terms, shipment position, and buyer requirements. This article is intended for discussion purposes only and should not be considered commercial or investment advice.