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Informist, Wednesday, Apr. 9, 2025

By Taniva Singha Roy

MUMBAI – Ex-mill prices of sugar in the key markets of Uttar Pradesh and Maharashtra were steady Wednesday. Mills in the north are waiting to see if demand picks up at current levels after prices fell significantly in the past few days, while demand and supply were largely on par in Maharashtra, traders said.

Mills in Uttar Pradesh kept prices steady after cutting rates by INR 60-70 per 100 kg in the past few days, said Naresh Gupta, a trader from north India. There is sluggish demand and even at the lower price levels demand has not picked up, indicating that prices could fall further, said Gupta. 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 resale markets in Uttar Pradesh, prices were lower by INR 5-INR 7 per 100 kg as demand was poor, Gupta said

Mills in Maharashtra also kept prices steady after cutting them the previous day, said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association. There is hardly any 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:

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

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

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

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

At 1824 IST, sugar prices on the Intercontinental Exchange were down 1.1% at 18.11 cents per pound, tracking a fall in crude oil prices on the New York Mercantile Exchange. Lower crude oil prices discourage the diversion of sugarcane for the production of ethanol, leading to a rise in sugar supplies.  End

US$1 = INR 86.68

Edited by Saji George Titus

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