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Informist, Tuesday, Jan. 7, 2025

By Taniva Singha Roy

MUMBAI – Ex-mill prices of sugar in the key markets of Uttar Pradesh and Maharashtra were steady Tuesday due to subdued demand at higher price levels, traders said. Prices are likely to remain at current levels in the coming days as they have increased significantly, they said.

Mills across Uttar Pradesh kept prices steady as demand slowed down at higher price levels, 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. 

Prices of the sweetener in the resale market fell by INR 15-INR 20 per 100 kg today due to low demand at elevated price levels, Gupta said. Prices are likely to remain at current levels in the coming days but might increase later as at 2.25 million tonnes, the sales quota for January may not be enough to meet demand during the month, given various festivals and demand from bulk consumers of sugar such as confectioners, Gupta added.

Mills in Maharashtra kept prices steady as there was little demand at elevated prices, said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association. Prices of the sweetener rose over the last few days due to demand from households since the last week of December, Kuvadia said. Prices could stabilise at current levels, Kuvadia added. 

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 1527 IST, the price of sugar on the Intercontinental Exchange was up 0.2% at 19.36 cents per pound. The Indian Sugar and Bio-energy Manufacturers Association reported Thursday that India's 2024-25 sugar production during Oct 1-Dec 31 was down 15.5% on year at 9.54 million tonnes. The lower output in India could prompt the government to keep export restrictions in place and limit global sugar supplies.  End

US$1 = INR 85.71

Edited by Avishek Dutta

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