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Informist, Thursday, Dec. 5, 2024

By Taniva Singha Roy

MUMBAI – Ex-mill prices of sugar in the key markets of Uttar Pradesh and Maharashtra were steady Thursday, said traders. Demand is limited as buying is mostly need-based, they said. 

Mills in Uttar Pradesh kept prices steady as there was limited demand, said Naresh Gupta, a trader from north India. Since November, sugar prices have fallen by around INR 270 per 100 kg, Gupta said. The resale market has exhausted the pipeline stocks, but buyers are not stocking up and are resorting to need-based purchases, he added.

Balrampur Chini Mills in Uttar Pradesh cut prices by INR 30-40 per 100 kg on Thursday, though it did not have any impact on the average price levels, Gupta said. In the resale market, sugar prices declined INR 5 per 100 kg, he added. 

Prices are likely to fall in the coming days as there is no demand from bulk consumers of sugar such as ice-cream and cold-drink manufacturers due to cooler weather, Gupta said. Prices are likely to fall even though the sales quota for December is 15% lower than the previous month, as demand is poor amid the ongoing crushing season, Gupta said, adding that mills also have carryover stocks from the previous months, he said.

Mills in Maharashtra also kept prices steady Thursday, said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association. Prices are likely to remain at the current levels in the coming week, Kuvadia said. 

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

-Flat at INR 3,580-INR 3,700 per 100 kg in western Uttar Pradesh

-Flat at INR 3,600-INR 3,720 per 100 kg in central Uttar Pradesh

-Flat at INR 3,500-INR 3,550 per 100 kg in Kolhapur, Maharashtra

-Flat at INR 3,642-INR 3,682 per 100 kg in Mumbai, Maharashtra

At 1632 IST, sugar prices on the Intercontinental Exchange were down 1% at 21.05 cents per pound as the outlook for higher sugar production weighed on prices. Thailand's Office of the Cane and Sugar Board projected country's sugar production to rise by 18% to 10.35 million tonnes in 2024-25.  End

US$1 = INR 84.73

Edited by Saji George Titus

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