The monetary loss caused by the disruption of auctions is estimated to be around Rs 100 crore in Kolkata alone. According to Calcutta Tea Traders Association (CTTA) estimates, the average volume of tea that comes under hammer on a weekly basis around this time of the year is 5 million kg and the average price of tea is in the region of Rs 65-70 per kg.
This is the third week in a row that buyers have stayed away from auctions, in protest against the new Tea Marketing Control Order (TMCO).
However, industry sources pointed out that the loss across the country would be much higher as auctions have not been held in Siliguri for around the same period of time and even in all other auction centres, participation has been meager.
This week an attempt was made to resume auctions in Kolkata. Only two buyers