India Sugar
Prices tad down in north on poor demand, steady in Maharashtra
This story was originally published at 16:53 IST on 13 December 2024
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By Taniva Singha Roy
MUMBAI – Ex-mill prices of sugar fell slightly in the key markets of Uttar Pradesh on Friday as a few mills cut prices due to subdued demand, said traders. Mills in Maharashtra kept prices steady, they said.
Mills across Uttar Pradesh kept prices largely steady, but a few mills cut prices by INR 5-10 per 100 kg due to poor demand, said Naresh Gupta, a trader from north India. Rajasthan is currently buying the 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 ice-cream and cold-drink manufacturers. Moreover, due to the availability of alternatives such as jaggery and khandsari, demand for sugar has fallen even more, he added.
Price trends are likely to remain mixed in the coming days, as mills will want to raise rates but 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 due to limited demand, said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association. Prices are likely to remain at the current levels in the coming week, he said.
The following are the highlights of sugar prices in the domestic market on Friday:
-Down INR 5-10 at INR 3,575-3,690 per 100 kg in western Uttar Pradesh
-Down INR 5-10 at INR 3,575-3,690 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 1631 IST, sugar prices on the Intercontinental Exchange were steady at 20.89 cents per pound. End
US$1 = INR 84.78
Edited by Ashish Shirke
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