India Sugar
Down in Maharashtra on weak demand; largely steady in UP
This story was originally published at 18:58 IST on 23 October 2024
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By Taniva Singha Roy
MUMBAI - Ex-mill prices of sugar in the key markets of Uttar Pradesh were largely steady on Wednesday, traders said. Mills in Maharashtra lowered prices to boost demand and to meet their sales quota.
Most mills in Uttar Pradesh have cut prices by over INR 100 per 100 kg in the past 15–20 days, said Naresh Gupta, a local trader from north India. A few mills in western Uttar Pradesh, however, cut prices by INR 15-20 per 100 kg Wednesday, due to sluggish demand, Gupta said. Prices in the resale market also fell by INR 5-10 per 100 kg due to subdued demand. In November, prices are likely to remain on the downtrend as the availability of sugar and khandsari, which is a substitute for sugar, is going to increase with sugarcane crushing set to begin next month, Gupta added.
Mills in Maharashtra cut prices by INR 5-10 per 100 kg due to poor demand, said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association. Moreover, mills are in a hurry to meet the sales quota for the month, which also weighed on prices, he said.
Prices are likely to remain weak with winter approaching, when demand from bulk consumers such as ice-cream and cold-drink manufacturers is usually low, Kuvadia added.
Following are the highlights of sugar prices in the domestic market Wednesday:
-Flat at INR 3,725-3,850 per 100 kg in western Uttar Pradesh
-Down INR 5-10 at INR 3,720-3,820 per 100 kg in central Uttar Pradesh
-Flat at INR 3,862-3,950 per 100 kg in Mumbai
-Flat at INR 3,650-3,700 per 100 kg in Kolhapur
At 1650 IST, sugar prices on the Intercontinental Exchange were up 2.7% at 22.32 cents per pound. UNICA, the Brazilian industry associate, on Oct. 11 said that sugar output in Brazil's center-south region during the second half of September fell 16.2% on year to 2.83 million tonnes. Lower availability of sugar supported global sugar prices. End
US$1 = INR 84.08
Edited by Vandana Hingorani
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