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Informist, Thursday, Feb. 6, 2025

By Taniva Singha Roy

MUMBAI – Ex-mill prices of sugar in the key markets of Uttar Pradesh were largely steady and only few mills raised prices, said traders. In Maharashtra, prices were steady again today, they said.

Most mills across Uttar Pradesh kept prices steady for the third consecutive day as demand was sluggish at higher price levels, but a few mills raised prices by INR 10-INR 15 per 100 kg, said Naresh Gupta, a trader from north India.

The resale markets, too, quoted higher prices, but there was no demand at the elevated rates, Gupta said. Mills have exhausted the low-priced sugar and prices are likely to increase further in the coming days, he added. Mills are also expected to raise prices in the coming days as it is the beginning of the month and demand is likely to pick up from bulk consumers of sugar such as ice-cream and cold-drink manufacturers, he said. 

In Maharashtra, too, mills kept prices steady on Thursday, as demand and supply were on a par, said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association. Mills in the states raised prices by INR 30-INR 40 per 100 kg a few days back due to concern about lower output, said Kuvadia. The Indian Sugar Mills & Bio-Energy Manufacturers Association has projected sugar production in the sugar year 2024-25 (Oct-Sept) at 27.3 million tonnes, a 14.4% decline from the 31.9 million tonnes produced in 2023-24, according to its second advance estimate.

Mills are also exporting sugar, raising concern about domestic availability, which is likely to support prices, Kuvadia said. The government permitted the export of 1 million tonnes of sugar in the 2024-25 season to stabilise prices and ensure timely payments to farmers. The Centre had banned sugar exports in June 2022 amid concerns about lower production. After Brazil, India is the largest sugar producer.

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

-Up INR 5-INR 10 at INR 3,900-INR 4,010 per 100 kg in western Uttar Pradesh

-Up INR 5-INR 10 at INR 3,900-INR 4,010 per 100 kg in central Uttar Pradesh

-Flat at INR 3,890-INR 3,920 per 100 kg in Kolhapur, Maharashtra

-Flat at INR 3,882-INR 3,992 per 100 kg in Mumbai, Maharashtra

At 1539 IST, sugar prices on the Intercontinental Exchange were up 0.4% at 19.83 cents per pound, tracking gains in crude oil prices on the New York Mercantile Exchange. Higher crude oil prices encourage diversion of sugarcane towards production of ethanol, leading to a fall in sugar supplies.  End

US$1 = INR 87.57

Edited by Akul Nishant Akhoury

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