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Informist, Thursday, Oct. 24, 2024

By Taniva Singha Roy

MUMBAI – Ex-mill prices of sugar in western Uttar Pradesh fell Thursday as mills were in a hurry to meet the monthly sales quota, while those in the central part of the state kept prices largely steady, said traders. Mills in Maharashtra kept prices steady after cutting prices the previous day due to poor demand, they said. 

Mills in west Uttar Pradesh cut prices by INR 15-20 per 100 kg as they have to meet the sales quota by the end of the month, said Naresh Gupta, a local trader from north India. Prices have fallen by about INR 125-130 per 100 kg in the past 15–20 days, and should stabilise at the current levels, Gupta said. 

Most mills have sold their stocks at lower price levels and are unlikely to cut prices further during this month, Gupta said. However, in the coming month, 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.

Sweetener prices in Maharashtra were steady Thursday, said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association. Prices of sugar are likely to remain on the downtrend, now that a committee of ministers has deferred a proposal to aise the minimum selling price for sugar, Kuvadia said. Millers will now liquidate the old stocks that they had stored, if there is no minimum selling price hike, and prices will fall, he added.

Following are the highlights of sugar prices in the domestic market Thursday:

-Down INR 15-20 at INR 3,720-3,820 per 100 kg in western Uttar Pradesh

-Flat at INR 3,730-3,830 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 1749 IST, sugar prices on the Intercontinental Exchange were steady at 22.33 cents per pound.  End

US$1 = INR 84.07

Edited by Manisha Baxla

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