The document is a market report from Norex Flavours Private Limited covering the month of November 2019. It provides general comments on currency exchange rates and trade shows. It then gives market updates on mentha piperita, mentha arvensis, menthol, spearmint oil, anethole/methyl chavicol/Indian basil oil. It concludes by highlighting reasons why Norex is a trusted supplier, including proximity to farmers, reputation for on-time delivery, and technical expertise.

1. NOREX FLAVOURS PRIVATE LIMITED
Finest Manufacturers & Exporters of Essential
Oils, Aroma Chemicals & Isolates
November 2019
Market Report
13th December 2019
IN THIS ISSUE
General Comments 2
Joke of the Report 3
Mentha Piperita 4
Market Report 5
Mentha Arvensis& Menthol 6
Spearmint Oil 7
Anethole/Methyl Chavicol/Indian Basil Oil 8
Why NOREX? 9

2. NOREX FLAVOURS PRIVATE LIMITED
Finest Manufacturers & Exporters of Essential
Oils, Aroma Chemicals & Isolates
GENERAL COMMENTS
• During the month, the Indian rupee was moving between Rs. 70.55 for 1 USD to Rs. 72.55 for 1 USD.
• Team Norex participated in Flavorcon 2019, USA and exhibited in CPHI 2019, Greater Noida, Delhi
NCR during November 2019.
• We are proud to invite you for upcoming events where Team Norex is going to participate:
➢ International Agarbatti & Perfume Expo-2019 on 22nd & 23rd December at Bombay Convention
& Exhibition Center, Mumbai, India.
➢ Tamilnadu Detergent Expo in Chennai on 28th and 29th of December at Chennai Trade Centre-
Nandambakkam, Chennai.
➢ Rajasthan Food Expo-2020 on dated 10th, 11th & 12th January at B.M. Birla Auditorium, Jaipur,
India.
• We are in last month of year 2019 now. After couple of years of challenges in Citral, Mint and Pine
chemistry, finally 2019 brought some relief and stability. However still volatility is increasing in this
trade & cash is reducing. Maintaining payment flow, adhering new regulations, more expectations
from end users, daily new challenges are making life difficult. But still it looks like that F&F industry
is still most creative and interesting domain. We thank you for your co-operation during 2019. Rest
assured that in 2020, only calendar will change, we will not. You will always receive our top-class
customer service, sustainably priced products.
• Like us on Facebook: https://www.facebook.com/norexflavours
• Connect with me on LinkedIn: https://www.linkedin.com/in/vaibhavnorex/

3. NOREX FLAVOURS PRIVATE LIMITED
Finest Manufacturers & Exporters of Essential
Oils, Aroma Chemicals & Isolates
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4. NOREX FLAVOURS PRIVATE LIMITED
Finest Manufacturers & Exporters of Essential
Oils, Aroma Chemicals & Isolates
MARKET UPDATE
Mentha Piperita
Market is very much unchanged. Although we have
seen some demand from the export markets. Prices
are little bit tight, with no significant impact. Due to
abundant synthetic menthofuran and mint oils
availability, there is not much demand for the pure
oil. However, as production was less this year, so
prices are also not going down.
Prices are at the levels of Rs 2450-2550/Kg for 5% menthofuran oil. Prices for Arvensis products are now
stable to tight, but still at competitive levels. Accordingly, commercial qualities (blend of arvensis and
peppermint) are still cheap.
Peppermint Fields (Mentha Piperita)

5. NOREX FLAVOURS PRIVATE LIMITED
Finest Manufacturers & Exporters of Essential
Oils, Aroma Chemicals & Isolates
Mentha Arvensis & Menthol
Following is the position of current market pricing, compared to last market report pricing.
Item Prices as on 31st
October 2019
Prices as on 30th
November 2019
Mentha Oil Rs 1392/kg Rs 1426/kg
Menthol Flakes 96% Rs 1426/kg Rs 1456/kg
Menthol Crystals Rs 1497/kg Rs 1517/kg
Crude DMO Rs 977/kg Rs 1017 /kg
In the Month of November, we saw market going up by 2-3% for different products.
600
800
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1200
1400
1600
1800
01-Nov-19
03-Nov-19
05-Nov-19
07-Nov-19
09-Nov-19
11-Nov-19
13-Nov-19
15-Nov-19
17-Nov-19
19-Nov-19
21-Nov-19
23-Nov-19
25-Nov-19
27-Nov-19
29-Nov-19
Price
Period
Movement of Market Prices
Mentha Oil Crystals DMO

6. NOREX FLAVOURS PRIVATE LIMITED
Finest Manufacturers & Exporters of Essential
Oils, Aroma Chemicals & Isolates
Prices for Mint Arvensis are behaving in a very strange way. At present there are different factors, which
supports prices should go up, and also different factors, which suggests that prices may go down. Month of
November, we saw improvement in demands and reduction in production of final products, which increased
the market price. Undoubtly there was a big production in 2019 crop year. However, as carryover from 2018
was extremely poor, most of the excess inventory has gone in stocks at the end of farmers and stockists &
they are not selling it easily. After the crop, we have seen good volume exports out of India, so free flowing
material is getting lesser. Now there is pressure on market to increase market price so as stockist and farmers
may be attracted to sell their inventory of mentha oil.
This factor was signficant for increase in prices during
November. December is very slow and cold, as most of
customers are preparing for their Christmas parties,
inventories and annual vacation. We can expect most
customers returning to office in 2nd or 3rd week of January.
Meanwhile, market may be dependednt on speculation for
mentha oil prices. It looks prices may remain tighter during
next month again. Prices for DMO are also tight at present
due to good demand of DMO & its derivatives.
On the other other hand, we are seeing stolon nursery
preparations for next year crop. Although prices &
yield were good for farmers in 2019, it looks that 2020
crop may be equal to 2019 crop or may be little lesser.
The reason is, farmers are getting very good
profitability in maize (corn) production, and many
farmers are inclined for this crop. Accordingly in the
given market scenario, it looks like keeping coverage
for next 2 months might be a good strategy, although
market may move any direction, given its speculative
nature. Any major reduction or major upward movement is not expected in coming months, given the
better amount of synthetic menthol available to customers.

7. NOREX FLAVOURS PRIVATE LIMITED
Finest Manufacturers & Exporters of Essential
Oils, Aroma Chemicals & Isolates
Spearmint Oil
Prices and demand for Indian Spearmint oil is stable. Not much movements. Understand the negative
trend in prices of d-limonene has stopped so accordingly synthetic L-carvone is also stable.
Anethole/Methyl Chavicol/Indian Basil Oil
Lesser crop has made prices of Basil Oil high, making prices of Basil derivatives, like Methyl Chavicol,
Anethole, Linalool high. We believe that some price up rise was necessary to keep farmers interested in
this crop next year.
Lemongrass Oil
Prices for Lemongrass oil is also weak to stable. Easy availability of synthetic Citral and good crop pan India
has made prices down.
Latest Pics of Norex own Lemongrass Field

8. NOREX FLAVOURS PRIVATE LIMITED
Finest Manufacturers & Exporters of Essential
Oils, Aroma Chemicals & Isolates
WHY NOREX?
• Our proximity with crop cultivation area & farmers, and direct interactions with distillers give us a
distinct place among competitors.
• Our flawless reputation since inception on sticking with contracts. We believe in Delivery Delayed is
Delivery Denied.
• In very few organizations commercial people are having technical knowledge, and we are proudly
one of them.
• Our Honest Market reports & recommendation will help you in making right decisions at right time.
• Being a family owned & managed company, we have our personal attention at every stage from
Sourcing of raw materials to shipping of finish products.
Legal Disclaimer: This report is a © property of Norex Flavours Private Limited. Whereas you can circulate it internally, within your company,
however sharing it outside of your organization, require prior approval of Norex. If you don’t wish to receive this report, do let us know. Views
and Recommendations made in this report are merely opinion of author, and you should do your own risk assessment, before taking any decision.
NOREX FLAVOURS PRIVATE LIMITED
One of the most trusted source for your requirement of
Menthol * Mint products * Essential Oils * Aroma Chemicals * Flavours * Fragrances
Products
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