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Informist, Tuesday, Apr. 8, 2025

By Taniva Singha Roy

MUMBAI – Ex-mill prices of sugar in the key markets of Uttar Pradesh and Maharashtra fell Tuesday due to poor demand, said traders. Prices of the sweetener may fall further in the coming days as demand is unlikely to pick up, they said.

Somes mills in Uttar Pradesh that did not reduce prices the previous day, cut prices by INR 10 per 100 kg due to poor demand, said Naresh Gupta, a trader from north India. In the previous day, mills had cut prices by INR 60-INR 70 per 100 kg as there was limited buying, he said. Usually, there is firm demand in April from institutional buyers including ice cream and soft drink makers, the bulk consumers of the sweetener. But it is yet to pick up, Gupta added.

In the resales markets of Uttar Pradesh, prices fell by INR 5-INR 10 per 100 kg, as there was no onward demand, Gupta said.

After the release of the sales quota for April, prices rose by INR 40 per 100 kg as the quota of 2.35 million tonnes was deemed to be insufficient for the month. The government has set the domestic sugar sales quota for April at 2.35 million tonnes, down 6% from 2.50 million tonnes same month last year.

In Maharashtra, sweetener prices fell by INR 10 per 100 kg Tuesday due to poor demand, said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association. There is hardly any matket or institutional buyer demand at the moment, Kuvadia said. He said prices are likely to remain range bound in the near term.  

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

--Down INR 10 at INR 3,860-INR 3,090 per 100 kg in western Uttar Pradesh

--Down INR 10 at INR 3,870-INR 4,055 per 100 kg in central Uttar Pradesh

--Down INR 10 at INR 3,800-INR 3,870 per 100 kg in Kolhapur, Maharashtra

--Down INR 10 at INR 4,026-INR 4,132 per 100 kg in Mumbai, Maharashtra

At 1833 IST, sugar prices on the Intercontinental Exchange were up 0.4% at 18.75 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 86.26

Edited by Akul Nishant Akhoury

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