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Informist, Friday, Apr. 11, 2025

By Taniva Singha Roy

MUMBAI – Ex-mill prices of sugar in key markets of Uttar Pradesh fell Friday due to weak demand, while prices were steady in Maharashtra, said traders. Mills are waiting for demand to pick up, hence, they are cutting prices, Gupta said.

Mills in west Uttar Pradesh, cut prices by INR 10-INR 15 per 100 kg, while those in central parts cut prices by INR 25-INR 30 per 100 kg as there was poor demand, said Naresh Gupta, a trader from north India. However, there was some demand at the lower prices, he said. Usually, there is a 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.

Mills in Maharashtra kept prices steady Friday, said Semal Sudhir Jain, secretary at the Bombay Sugar Merchants Association. Prices are likely to remain at the current levels in April and demand unlikely to pick up, Jain said.

Initially, there were concerns about avaiability, when the government released the sales quota for April. The quota of 2.35 million tonnes was deemed to be insufficient, but the March quota was given an extension and there was ample supply amid little demand as there is hardly any institutional buyer demand at the moment. Hence, prices did not increase, Kuvadia said. 

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

--Down INR 10-INR 15 at INR 3,900-INR 4,000 per 100 kg in western Uttar Pradesh

--Down INR 25-INR 30 at INR 3,900-INR 4,000 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 2000 IST, sugar prices on the Intercontinental Exchange were down 1% at 17.77 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 86.04

Edited by Akul Nishant Akhoury

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