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Informist, Tuesday, Mar. 25, 2025

By Taniva Singha Roy

MUMBAI – Ex-mill prices of sugar in the key markets of Uttar Pradesh fell Tuesday, due to poor demand, as well as pressure to meet the quota for the month, said traders. Mills in Maharashtra kept prices steady again today as they are anticipationg the release of the sales quota for the next month, they said.

Some mills in Uttar Pradesh that did not cut prices the previous day, lowered prices by INR 30-INR 40 per 100 kg Tuesday, said Naresh Gupta, a trader from north India. Demand remained subdued even at lower price levels, said Gupta. 

Hence, prices may fall further if there is still no demand at the lowered levels, said Gupta. However, prices could increase if mills are able to sell the remaining sugar within the next two to three days, he added.

Prices of the sweetener were steady in markets of Maharashtra as demand and supply were on a 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 and there will be movement in prices only after the sales quota for April is announced by the government, he added.

Market participants are expecting a sales quota of 2.35-2.4 million tonnes for April this time, market players. If the quota is 2.4 million tonnes, prices are likely to remain steady, but if the quota is beyond that, prices could fall, Kuvadia said.

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

--Down INR 30-INR 40 at INR 3,890-INR 4,020 per 100 kg in western Uttar Pradesh

--Down INR 30-INR 40 at INR 3,890-INR 4,050 per 100 kg in central Uttar Pradesh

--Flat at INR 4,068-INR 4,127 per 100 kg in Kolhapur, Maharashtra

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

At 1552 IST, sugar prices on the Intercontinental Exchange were up 0.1% at 19.28 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 85.75

Edited by Deepshikha Bhardwaj

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