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Informist, Thursday, Mar. 20, 2025

By Taniva Singha Roy

MUMBAI – Ex-mill prices of sugar were steady in the key markets of Uttar Pradesh and Maharashtra on Thursday because of sluggish demand, said traders. Prices are likely to remain at current levels, but may fall if there is pressure to offload stocks, they added.

Millers in Uttar Pradesh kept prices steady as there was limited demand, said Naresh Gupta, a trader from north India. On Tuesday, prices were up by INR 10-INR 15 per 100 kg as there was firm seasonal demand from bulk consumers of sugar such as ice-cream and cold-drink manufacturers, Gupta said. Mills are not in a hurry to meet the sales quota for the month as demand is firm. "There is enough time to meet the quota," Gupta said.

Prices are likely to remain at the current levels for the next few days, but if there is selling pressure, mills may cut prices in the coming days, Gupta added. However, prices could increase again if mills are able to sell the remaining sugar within the next two to three days, he said.

Prices of the sweetener were steady in Maharashtra as demand and supply were on par, said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association. Prices are likely to remain at current levels for the rest of the month, Kuvadia said. There will be movement in prices only after the sales quota for April is announced by the government, he added.

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

--Flat at INR 3,960-INR 4,075 per 100 kg in western Uttar Pradesh

--Flat at INR 4,000-INR 4,130 per 100 kg 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 1639 IST, sugar prices on the Intercontinental Exchange were up 0.2% at 19.73 cents per pound, tracking gains in crude oil prices on the New 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 86.36

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Edited by Nishant Maher

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