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Informist, Tuesday, Mar. 11, 2025

By Taniva Singha Roy

MUMBAI – Ex-mill prices of sugar in key markets of Uttar Pradesh were largely steady Tuesday, traders said, with only some mills that had not cut rates Monday reducing them. Mills in Maharashtra kept prices steady as demand and supply were balanced, they said.

Mills in Uttar Pradesh largely kept prices steady Tuesday as they had already cut prices Monday on poor demand during Ramadan, the Islamic month for fasting, according to Naresh Gupta, a trader from north India. Those mills that had not cut prices Monday did so Tuesday by INR 55-60 per 100 kg, he added. But this did not affect average prices of the sweetener as only a handful of mills cut rates Tuesday.

Sugar prices rose 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. The government has set the domestic sugar sales quota for March at 2.30 million tonnes, up 2.2% tonnes from a month ago but down 2.1% from a year ago. Prices in the resale market rose slightly by INR 5 per 100 kg as resellers had exhausted their stocks, Gupta said.

Mills in Maharashtra kept prices steady Tuesday due to balanced demand and supply, 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 or fall in the coming days if demand does not pick up, Kuvadia added.

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

-Flat at INR 3,900-INR 4,020 per 100 kg in western Uttar Pradesh

-Flat at INR 3,900-INR 4,040 in central Uttar Pradesh

-Flat at INR 4,072-INR 4,132 per 100 kg in Kolhapur, Maharashtra

-Flat at INR 3,972-INR 4,070 per 100 kg in Mumbai, Maharashtra

At 1912 IST, sugar prices on the Intercontinental Exchange were down 0.2% at 18.82 cents per pound. Czarnikow, a supply chain solutions company for agricultural, energy, and packaging products, has projected Brazil's sugar production for 2025-26 (Apr-Mar) to climb to a record 43.6 million tonnes, and said producing sugar will be more profitable than producing ethanol. The possibility of higher availability of sugar weighed on global prices.  End

US$1 = INR 87.21

Edited by Rajeev Pai

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