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Informist, Thursday, Dec. 12, 2024

By Taniva Singha Roy

MUMBAI – Ex-mill prices of sugar in the key markets of Uttar Pradesh fell Thursday due to poor demand, said traders. Mills in Maharashtra kept prices steady due to limited demand, they said.

Mills in central Uttar Pradesh cut prices by INR 10-15 per 100 kilogram as there was poor demand at the increased prices levels, but those in western part of the state kept prices steady, said Naresh Gupta, a trader from north India. Mills across Uttar Pradesh raised prices by INR 10 per 100 kilograms the previous day, as they were not in a hurry to meet the monthly sales quota, he said. But mills had to cut prices again as there was little demand, Gupta added.

Rajasthan is currently buying sweetener from Maharashtra as prices there are lower than in Uttar Pradesh, said Gupta. Moreover, demand for the sweetener is usually low during this time due to lower offtake by bulk buyers, such as from ice-cream and cold-drink manufacturers. Additionally, due to the availability of alternatives such as jaggery and Khandsari, demand for sugar fell even more, he added.

Price trends are likely to remain mixed during the coming days, as prices are significantly low and mills will want to raise rates. However, on the other hand, low demand is likely to weigh on prices, and the higher quoted price levels might not sustain, Gupta said.

Mills in Maharashtra kept prices steady Thursday due to limited demand, said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association. Prices are likely to remain at the current levels during this week, he said.

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

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

-Down INR 10-15 at INR 3,580-3,700 per 100 kg in central Uttar Pradesh

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

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

At 1649 IST, sugar prices on the Intercontinental Exchange were steady at 21.3 cents per pound.  End

US$1 = INR 84.86

Edited by Deepshikha Bhardwaj

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