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Informist, Wednesday, Apr. 2, 2025

By Taniva Singha Roy

MUMBAI – Ex-mill prices of sugar in the key markets of Uttar Pradesh and Maharashtra were steady even on Wednesday. In north, there was sluggish demand at already raised rates, and in Maharashtra, demand and supply were on par, they said. 

Mills across Uttar Pradesh, kept prices steady Wednesday as there was sluggish demand at the current elevated price levels, said Naresh Gupta, a trader from north India. After the release of the sales quota, prices rose by INR 40 per 100 kg as the quota of 2.35 million tonnes was deemed to be insufficient for April, but the prices were not absorbed yet, hence mills are in a wait-and-watch mode and not increasing or cutting prices at the moment, Gupta said. 

In the coming days, if there is demand from bulk consumers of sugar, such as ice-cream and cold-drink manufacturers, as the temeperature soars in summers across the country, mills could increase prices by another INR 20 per 100 kg, Gupta added. In the resales markets of Uttar Pradesh, however, prices fell by INR 5-7 per 100 kg as there was no onward demand, he said.

Mills in Maharashtra, also kept prices steady Wednesday as demand and supply were on a par, said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association. Despite a lower sales quota, prices did not rise as the government has given an extension to mills of till Apr. 10 to complete the March sales quota, Kuvadia said. 

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

--Flat at INR 3,905-INR 4,035 per 100 kg in western Uttar Pradesh

--Flat at INR 3,905-INR 4,065 per 100 kg in central Uttar Pradesh

--Flat at INR 3,840-INR 3,890 per 100 kg in Kolhapur, Maharashtra

--Flat at INR 4,052-INR 4,142 per 100 kg in Mumbai, Maharashtra

At 1906 IST, sugar prices on the Intercontinental Exchange were down 0.1% at 19.32 cents per pound, tracking fall in crude oil prices on the New York Mercantile Exchange. Higher crude oil prices discourage diversion of sugarcane towards production of ethanol, leading to a rise in sugar supplies.  End

US$1 = INR 85.49

Edited by Deepshikha Bhardwaj

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