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Informist, Tuesday, Jan. 21, 2025

By Taniva Singha Roy

MUMBAI – Ex-mill prices of sugar in the key markets of Uttar Pradesh and Maharashtra were steady Tuesday, said traders. Demand was sluggish at elevated price levels, they added.

Mills across Uttar Pradesh kept prices steady Tuesday as most of the demand was met the previous day, said Naresh Gupta, a trader from north India. Moreover, there was subdued demand at elevated prices, he said. Prices rose by INR 250 per 100 kg since the start of the month due to a lower sales quota for January and as the government lifted export restrictions, said Gupta. 

Sugar prices are likely to rise further as the second half of the month will see warmer weather, resulting in improved demand from bulk consumers such as ice cream and soft drink manufacturers. Weddings are also expected to pick up in the second half of January, which will support sugar prices, Gupta said.

Mills in Maharashtra also kept prices steady Tuesday after increasing rates by INR 100 per 100 kg the previous day, said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association. Prices might stabilise at the current levels, said Kuvadia. 

However, there is no selling pressure on mills at the moment and this could support prices, said Semal Sudhir Jain, secretary of the Kolhapur Karad Sangli Sugar Merchants Association. Speculation about a hike in the minimum selling price of sugar is likely to support prices, he added. The government is likely to decide on revising the minimum selling price of the sweetener only after the release of production figures by the end of January, said Kuvadia.

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

-Flat at INR 3,850-INR 4,020 per 100 kg in western Uttar Pradesh

-Flat at INR 3,850-INR 4,020 per 100 kg in central Uttar Pradesh

-Flat at INR 3,710-INR 3,810 per 100 kg in Kolhapur, Maharashtra

-Flat at INR 3,780-INR 3,952 per 100 kg in Mumbai, Maharashtra

At 1940 IST, the price of sugar on the Intercontinental Exchange was down 2.5% at 17.77 cents per pound. Global sugar prices fell after India allowed the export of nine million tonnes of the sweetener. Higher availability of sugar is bearish for the global market.  End

US$1 = INR 86.58

Edited by Tanima Banerjee

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