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Namib Mills would like to announce a price decrease on most of the company’s product categories (all except sugar), effective 7 February 2017.
These price decreases are due to improved rainfall over the maize production areas in Southern Africa, as well as the improvement of the Namibian Dollar (N$) against the United States Dollar (US$).
The price decreases will on average be as follows:
Due to the fact; that most soft commodities are exposed to the exchange rate, the improvement of the Namibian Dollar (N$) against the United States Dollar (US$) has made these products’ raw material more affordable.
Top Score (Maize Meal) -12 : Namibia is still exposed to the current volatile pricing on SAFEX, the commodity exchange in South Africa. However after prices sky-rocketed in 2016, following the drought, improved rainfall across Southern Africa, has boosted sentiment for a high maize crop in 2017, thus the “supply and demand” is better balanced, resulting in lower raw maize prices. Current levels for White Maize ex-Randfontein in South Africa are around N$3,500 per ton, compared to N$5,000 a short while ago.
Bakpro (Baking Flour) -6% : Wheat prices are currently quite inexpensive, the reasons being that Eastern Europe and Russia have been coming on stream the past few years regarding consistent Wheat supply.
This along with very competitive shipping rates, due to the down-turn in the world economy made Wheat rather cheap in historical terms.
Meme Mahangu Meal -6% : The local drought in Namibia during 2015/16 resulted in a very small Mahangu harvest which necessitated imports from abroad. There is also a certain scarcity of the product, as the only excess Mahangu producing country is India.
Rice King -7% : Rice prices also decreased due to the strengthening currency (rice is imported from Asia).
Sugar prices remain the same as Namibia cannot benefit from decreased international landed prices due to South Africa failing to reduce the import duties, as prescribed in the sugar duty formula of SACU.
Taking all this into account, Namib Mills would like to ensure our consumers that we are committed to them and will maintain our good quality standards and service levels as well as strive to ensure consistent availability of these basic food stuffs.
As a corporate citizen, Namib Mills is committed to Namibia. The company highly values its customers, suppliers, and all other stakeholders. It is important to Namib Mills to not only focus on great quality; excellent customer service and meeting consumer needs, but also to live in accordance with our values of being transparent with our customers and consumers.
