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Informist, Friday, Feb. 28, 2025

By Taniva Singha Roy

MUMBAI – Ex-mill prices of sugar in the key markets of Uttar Pradesh and Maharashtra were steady Friday as prices had risen sharply on Thursday after the sales quota was announced on Tuesday, said traders. Prices could rise in the coming days owing to firm demand, they said.

Mills in Uttar Pradesh kept prices steady Friday after raising rates 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 is 2.2% higher than the previous month, but down 2.1% from 2.35 million tonnes in March last year.

In the resale market of the state, prices were down by INR 5-INR 10 per 100 kg as traders were in a hurry to sell the leftover quantity before the month ends, Gupta said.

Prices of the sweetener were steady in Maharashtra, as mills had increased prices the previous day, said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association. Prices are likely to rise in the coming days by INR 10-INR 15 per 100 kg, he said.

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

-Flat at INR 3,950-INR 4,075 per 100 kg in western Uttar Pradesh

-Flat 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

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

At 1958 IST, sugar prices on the Intercontinental Exchange were down 1.4% at 18.65 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 availability of sugar weighed on global sugar prices.  End

US$1 = INR 87.49

Edited by Ashish Shirke

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