Prices grew by 30% in the last quarter of 2016 alone due to short supplies. Such shortages are expected until the second half of the current season in 2017, predicted Mintec, a commodities analyst
Production throughout the year fell 3% 7.1m tonnes, breaking the steady growth trend of previous years.
Exports from major producers Indonesia and Malaysia over the first nine months of 2016 were down 12% year on year at 1.9m tonnes, leading to the initial price increases.
Global production for the coming year is forecast to recover 7% to 7.6m tonnes, though Mintec said the majority of this growth will not be realised until later in 2017.