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Informist, Monday, Sept. 30, 2024

By Taniva Singha Roy

MUMBAI – Ex-mill prices of sugar in key markets of Uttar Pradesh were steady in most mills Monday, said traders. Mills in Maharashtra, too, kept prices steady as demand and supply were on a par, they added.

Most mills in Uttar Pradesh kept prices steady Monday as there were still lower priced stocks left, said Naresh Gupta, a local trader from north India. Two to three mills in the western part of the state increased prices by INR 30-40 per 100 kg, but there was no demand at those price levels, Gupta said.

The resale market prices were also steady Monday, the demand for Dusshera has been met and now demand for Diwali will only pick up after the Navaratri festival, when prices might increase, he said. Sweetener prices in Uttar Pradesh have risen significantly after the release of the sales quota for October. Mills in west Uttar Pradesh, increased prices by almost INR 80–INR 90 per 100 kg, and those in central Uttar Pradesh raised rates by INR 40–INR 50 per 100 kg, after the release of the sales quota. 

The Centre has set the domestic sugar sales quota for October at 2.55 million tonne, the food and public distribution department said in a post on social media platform X on Sept. 26. The quota for October is up 8.5% on month from 2.35 million tonne in September and down nearly 12% on year. In October 2023, the quota was set at 2.9 million tonne. 

In Maharashtra, sugar prices were steady, said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association. In the coming week, prices are likely to increase or decrease by INR 15-INR 20 per 100 kg, depending on the demand. In the coming days, prices will fall or rise depending on government policies regarding the minimum selling price for sugar, he added.  

The following are the highlights of sugar prices in the domestic market Monday:

-Flat at 3,800-3,900 INR per 100 kg in central Uttar Pradesh

-Flat at 3,800-3,920 INR per 100 kg in western Uttar Pradesh

-Flat at 3,805-3,936 INR per 100 kg in Mumbai

-Flat at 3,700-3,750 INR per 100 kg in Kolhapur

At 1644 IST, sugar prices on the Intercontinental Exchange were up 0.3% at 22.7 cents per pound. Drought and excessive heat have recently caused fires in Brazil that damaged crops in top sugar producing state of Sao Paulo. Sugarcane industry group Orplana said as many as 2,000 fire outbreaks affected sugarcane planted in up to 80,000 hectares in Sao Paulo, according to Barchart.com. Concerns over lower availability of sugar supported global prices.  End

US$1 = INR 83.79

Edited by Deepshikha Bhardwaj

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