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Informist, Monday, Feb. 10, 2025

By Taniva Singha Roy

MUMBAI – Ex-mill prices of sugar in the key markets of Uttar Pradesh and Maharashtra were steady again Monday, due to demand-supply parity, said traders. Prices could rise in the coming days as demand from bulk consumers of sugar will be firm with temperature getting warmer, they said.

Mills in Uttar Pradesh kept prices steady as demand was on par with suply, said Naresh Gupta, a trader from north India. Moreover, prices are already at elevated levels and demand is not as firm at the moment, so mills held back from raising prices today, he said.

However, mills have mostly ran out of lower priced sugar and prices are likely to rise in the coming days but at a slower pace, Gupta 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 Monday, 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, down 14.4% from the 31.9 million tonnes produced in 2023-24, according to its second advance estimate.

Mills are also exporting sugar, which has raised concerns about domestic availability. This, Kuvadia said, is likely to support prices. The government allowed 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 due to concerns about lower production. After Brazil, India is the largest sugar producer.

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

-Flat at INR 3,900-INR 4,010 per 100 kg in western Uttar Pradesh

-Flat 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 1846 IST, sugar prices on the Intercontinental Exchange were up 1.1% at 19.57 cents per pound tracking gains in crude oil prices on the New York Mercantile Exchange. Strength in crude oil prices encourages divertion of sugar for the production ethanol, and reduces availability of the sweetener.  End

US$1 = INR 87.47

Edited by Deepshikha Bhardwaj

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