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Informist, Tuesday, Apr. 15, 2025

By Taniva Singha Roy

MUMBAI – Ex-mill prices of sugar in the key markets of Uttar Pradesh and Maharashtra were steady on Tuesday, said traders. Prices were steady as mills in both states are waiting to see if demand will pick up in the coming days, they said.

Mills across Uttar Pradesh kept prices steady Tuesday after cutting rates the previous day by INR 10-INR 15 per 100 kg, Naresh Gupta, a trader from north India said. Prices have already fallen significantly, hence mills are waiting to see if demand will pick up in the coming days and refrained from cutting prices Tuesday, said Gupta. 

Prices in the resale markets of Uttar Pradesh fell by INR 5-7 per 100 kg due to sluggish demand, Gupta 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 Tuesday, said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association. Prices are likely to remain at the current levels in April and demand is unlikely to pick up, Kuvadia said.

Initially, there were concerns about availability, when the government released the sales quota for April. The quota of 2.35 million tonnes was deemed to be insufficient, but since the March quota was given an extension there was ample supply amid muted demand. There is hardly any demand from institutional buyers at the moment and hence, prices did not increase, Kuvadia said. 

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

--Flat at INR 3,900-INR 4,000 per 100 kg in western Uttar Pradesh

--Flat 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 1922 IST, sugar prices on the Intercontinental Exchange were down 0.2% at 17.49 cents per pound. Sugar prices are under pressure due to worries that demand for sugar will decline as the global trade war will adversely affect world economic growth and the tariffs would raise sugar prices for consumers. China has raised tariffs on all US goods to 125% in retaliation to the US raising tariffs on Chinese goods to 145%.  End

US$1 = INR 85.77

Edited by Saji George Titus

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