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Informist, Monday, Apr. 21, 2025

By Taniva Singha Roy

MUMBAI – Ex-mill prices of sugar in key markets of Uttar Pradesh fell as mills were under pressure to achieve their sales quotas before the month ends, traders said. Prices could fall further in the days to come if mills struggle to offload stocks, they said. Mills in Maharashtra kept prices steady.

Mills across Uttar Pradesh cut prices by INR 10-INR 15 per 100 kg, as they were in a hurry to meet the sales quota for April, said Naresh Gupta, a trader from north India. In the resale market, however, prices rose by INR 10 per 100 kg, as there was some demand at these levels, Gupta said. Demand sentiment is weak, and purchases have not picked up as they usually do in summer, he added. Typically, April sees an uptick in sugar sales as demand from soft-drink and ice-cream makers increases.

Prices may fall further in the coming days, as the month has almost come to an end and mills will want to get the remaining stock lifted as soon as possible, Gupta said.

Meanwhile, sugar production across the country is coming to a close with only 38 mills crushing sugarcane as of Tuesday, the Indian Sugar and Bio-Energy Manufacturers Association said Thursday. About 534 mills were operational at the start of the season in October, it added.

Total sugar production as of Tuesday was 25.5 million tonnes, accounting for 99.6% of the production estimate for 2024-25 (Oct-Sept), the association said. Uttar Pradesh and Maharashtra produced 9.1 million tonnes and 8.1 million tonnes, respectively. The two states are the country's biggest sugar producers.

Mills in Maharashtra kept prices steady Monday, said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association. Prices are likely to remain at the current level for the rest of the month, Kuvadia said.

The following are the highlights of sugar prices in the domestic market:

--Down INR 10-INR 15 at INR 3,890-INR 3,990 per 100 kg in western Uttar Pradesh

--Down INR 10-INR 15 at INR 3,890-INR 3,990 per 100 kg in central Uttar Pradesh

--Flat at INR 3,800-INR 3,855 per 100 kg in Kolhapur, Maharashtra

--Flat at INR 4,006-INR 4,082 per 100 kg in Mumbai, Maharashtra

At 1827 IST, sugar prices on the Intercontinental Exchange rose 0.8% to 18.07 cents per pound. UNICA, a Brazilian sugar industry associate, said the cumulative 2024-25 Brazil centre-south sugar output through March fell 5.3% on year to 40.1 million tonnes. Lower availability is a bullish factor for global sugar prices.  End

US$1 = INR 85.12

Edited by Rajeev Pai

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