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Informist, Friday, Mar. 7, 2025

By Taniva Singha Roy

MUMBAI – Ex-mill prices of sugar in the key markets of Uttar Pradesh and Maharashtra were steady for the fourth straight day Friday due to sluggish demand amid the ongoing Ramzan month, said traders. As demand did not pick up yet, there are indications that prices could fall in the next few days, they said.

Mills across Uttar Pradesh kept prices steady Friday as there was only little demand due to Ramzan, when people are fasting, said Naresh Gupta, a trader from north India. Moreover, prices are already on the higher side, so mills are holding back from increasing rates further, he said. In the resale market, too, prices were steady today, after falling by INR 5-INR 10 per 100 kg the previous day, as traders were unable to sell at higher rates, Gupta added.

If the current senario continues, and demand does not pick up, mills can cut prices by INR 20-25 per 100 kg in the coming days, Gupta 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.

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. Sugar prices in the state are likely to remain at the current levels in the coming days, if demand does not pick up, Kuvadia added.

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

-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 1803 IST, sugar prices on the Intercontinental Exchange were up 0.8% at 18.28 cents per pound, tracking gains in crude oil prices on the Ney 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 86.87

Edited by Deepshikha Bhardwaj

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