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Informist, Wednesday, Mar. 5, 2025

By Taniva Singha Roy

MUMBAI – Ex-mill prices of sugar in the key markets of Uttar Pradesh and Maharashtra were steady for the second consecutive day Wednesday, said traders. Prices could increase in the coming days on account of Ramadan and upcoming Holi festival, and growing seasonal demand from ice-cream and cold-drink manufacturers, they said.

Mills across Uttar Pradesh kept prices steady Wednesday as they had already quoted higher prices the previous day and there was no demand at those rates, said Naresh Gupta, a trader from north India. In the resale market, prices fell by INR 5-INR 10 per 100 kg as traders were unable to sell at higher rates, he said.

Prices of the sweetener had risen by INR 60-INR 70 per 100 kg after the government released the sales quota for March on Feb. 25, as the quota was considered insufficient. Prices are likely to rise further in the coming days in anticipation of firm demand, Gupta added.

Mills in Maharashtra also kept prices steady as they had already raised prices by INR 20 per 100 kg, said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association. Prices have risen by INR 70-INR 80 per 100 kg since the monthly sales quota was announced, and prices are likely to increase further, Kuvadia said.

Following are the highlights of sugar prices in the domestic market Wednesday:

-Flat at INR 3,975-INR 4,120 per 100 kg in western Uttar Pradesh

-Flat at INR 3,950-INR 4,100 in central Uttar Pradesh

-Flat at INR 4,082-INR 4,152 per 100 kg in Kolhapur, Maharashtra

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

At 1757 IST, sugar prices on the Intercontinental Exchange were up 0.3% at 18.37 cents per pound. The International Sugar Organization cut its 2024-25 global sugar production forecast to 175.5 million tonnes from 179.1 million tonnes forecast in November, which supported sugar prices.  End

US$1 = INR 86.95

Edited by Ashish Shirke

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