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Informist, Wednesday, Jan. 29, 2025

By Taniva Singha Roy

MUMBAI – Ex-mill prices of sugar in the key markets of Uttar Pradesh were mixed Wednesday, as some mills cut prices, while others raised rates in anticipation of an increase in demand, said traders. In Maharashtra, prices rose due to a lower sales quota for February, they said. 

Most mills in western Uttar Pradesh cut prices by INR 10-15 per 100 kg as there was poor demand at elevated prices, but mills in the central part of the state kept prices steady, said Naresh Gupta, a trader from north India. Some mills in the state quoted higher prices, but there was no buying at those levels, as lower-priced sugar was available, Gupta said. 

In Maharashtra, mills raised prices by INR 20 per 100 kg as most of them have already met their sales quota for the month, said Mukesh Kuvadi, secretary of the Bombay Sugar Merchants Association. Moreover, the sales quota for February was deemed to be insufficient, which also supported prices, he said.

The Centre has set the sugar sales quota for February at 2.25 million tonnes, the Department of Food and Public Distribution said in a post on social media platform X Wednesday. The quota for the upcoming month is unchanged from last month, but down 2.2% on year from 2.30 million tonnes a year ago.

Speculation about a hike in the minimum selling price of sugar is also supporting prices, Kuvadia said. 

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

-Down INR 10-INR 15 at INR 3,730-INR 3,860 per 100 kg in western Uttar Pradesh

-Flat at INR 3,760-INR 3,870 per 100 kg in central Uttar Pradesh

-Up INR 20 at INR 3,665-3,740 per 100 kg in Kolhapur, Maharashtra

-Up INR 20 at INR 3,787-3,942 per 100 kg in Mumbai, Maharashtra

At 1936 IST, sugar prices on the Intercontinental Exchange were up 0.2% at 19.4 cents per pound. The prices found support from signs of smaller sugar production in India, the world's second-largest producer. The All India Sugar Trade Association has pegged the country's net sugar output in 2024-25 (Oct-Sep) at 26.5 million tonnes, down nearly 17% from 31.9 million tonnes a year ago.  End

US$1 = INR 86.54

Edited by Saji George Titus

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