| As we enter the new season, the macadamia market is again in a phase of waiting. Crop clarity is still limited, though under normal conditions South Africa and Australia should show higher volumes this year. The situation in China remains uncertain: last year’s crop rose sharply, but current reports are inconsistent and therefore unreliable. |
| The Chinese NIS market is quiet for now. A few 2026 deals have been concluded, but most buyers remain focused on preparations for Chinese New Year, still the most important sales moment for both China and the global market. |
| In the United States, direction should become clearer after the PTNPA conference this weekend. With tariffs removed, expectations are that U.S. demand will pick up again. Europe remains stable, supported by a stronger Euro versus last year while USD prices hold steady, resulting in improved purchasing conditions. |
| Availability of Style 0 and 1L remains limited on the spot market, but most major commitments have already been covered. This suggests a manageable transition into new crop as long as harvests progress normally. |
| Overall, the market enters 2026 with a mix of opportunity and caution: potential volume growth from major origins and stronger demand from key markets on one side, and lingering uncertainty around China and tight spot availability on the other. |
