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Informist, Thursday, Feb. 27, 2025

By Taniva Singha Roy

MUMBAI – Ex-mill prices of sugar in the key markets of Uttar Pradesh and Maharashtra rose due to a lower allocation of monthly sales quota for March, said traders. Prices are likely to continue the uptrend in coming days due to firm demand, they said.

Mills in Uttar Pradesh raised prices by INR 25-60 per 100 kg Thursday as the sales quota for March is deemed to be insufficient, said Naresh Gupta, a trader from north India. The Centre has set the domestic sugar sales quota for March at 2.30 million tonnes, the Department of Food and Public Distribution said in a post on social media platform X Tuesday. The quota for the upcoming month is 2.2% higher than last month, but down 2.1% from 2.35 million tonnes in March last year.

Prices are likely to rise further, Gupta said. Market players were anticipating the March sales quota to be 2.35 million tonnes-2.40 million tonnes amid upcoming festivals such as Holi and with the onset of summer season.

In Maharashrtra however, prices rose in the markets of Mumbai but were steady in Kolhapur, said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association. Sweetener prices in the markets of Mumbai rose by INR 20 per 100 kg due to a higher trasportation cost. On the other hand, sugar prices were steady in Kolhapur as mills were under pressure to meet the sales quota for February before the month ends, Kuvadia said.

Prices are likely to increase by INR 10-15 per 100 kg in the coming days, he said. 

Following are the highlights of sugar prices in the domestic market on Thursday:

-Up INR 25-INR 60 at INR 3,950-INR 4,075 per 100 kg in western Uttar Pradesh

-Up INR 25-INR 60 at INR 3,950-INR 4,100 in central Uttar Pradesh

-Flat at INR 3,840-INR 3,910 per 100 kg in Kolhapur, Maharashtra

-Up INR 20 at INR 3,982-INR 4,090 per 100 kg in Mumbai, Maharashtra

At 1834 IST, sugar prices on the Intercontinental Exchange were down 2.3% at 19.15 cents per pound. Sugar trader Czarnikow projected Brazil's 2025-26 sugar production to climb to a record 43.6 million tonnes, and said that producing sugar is more profitable than ethanol production. Hopes of higher avaiability of sugar weighed on global sugar prices.  End

US$1 = INR 87.20

Edited by Deepshikha Bhardwaj

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