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Informist, Monday, Jan. 6, 2025

By Taniva Singha Roy

MUMBAI – Ex-mill prices of sugar were largely steady in the key markets of Uttar Pradesh and Maharashtra Monday, said traders. Mills did not raise prices as demand was poor at elevated price levels, they said.

Mills across Uttar Pradesh kept prices largely steady, except for a few mills in the western part of the state that raised prices by INR 30-INR 40 per 100 kg, but that did not impact the average price, said Naresh Gupta, a trader from north India. Prices rose significantly by INR 80-INR 90 per 100 kg after the sales quota was announced. However, due to subdued demand at elevated prices, mills held back from raising prices, said Gupta.

As this is the beginning of the month, mills are not in a hurry to meet the sales quota, so prices might rise in the coming days, said Gupta. Moreover, at 2.25 million tonnes, the sales quota for January may not be enough to meet the demand during the month, he said. Prices could rise further as there are a few festivals in January and there could be demand from bulk consumers of sugar such as confectioners, Gupta added.

Mills in Maharashtra kept prices steady as there was little demand at the elevated prices, said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association. Prices of the sweetener rose over the last few days as there was demand from households since the last week of December, Kuvadia said. Prices are likely to increase in the coming days, since prices have fallen by around INR 200 per 100 kg in the past two months and mills will try to push them back to their earlier levels, he added. Prices are likely to increase by INR 10-INR 20 per 100 kg in the coming days, Kuvadia said.

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

-Flat at INR 3,680-INR 3,850 per 100 kg in western Uttar Pradesh

-Flat at INR 3,670-INR 3,875 per 100 kg in central Uttar Pradesh

-Flat at INR 3,520-INR 3,580 per 100 kg in Kolhapur, Maharashtra

-Flat at INR 3,672-INR 3,852 per 100 kg in Mumbai, Maharashtra

At 1545 IST, the price of sugar on the Intercontinental Exchange fell 0.2% to 19.61 cents per pound, tracking fall in crude oil prices on the New York Mercantile Exchange. Lower crude oil prices discourage diversion of sugarcane towards production of ethanol, leading to rise in sugar supplies.  End

US$1 = INR 85.82

Edited by Ashish Shirke

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