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Informist, Tuesday, Apr. 22, 2025

By Taniva Singha Roy

MUMBAI – Ex-mill prices of sugar in key markets of Uttar Pradesh rose slightly Tuesday as most of them had met their sales quotas for the month and were no longer in a hurry to offload stocks, traders said. Mills in Maharashtra kept prices steady as they preferred to wait and see if demand picks up, they said.

Mills across Uttar Pradesh raised prices by INR 10 per 100 kg as demand improved a little, said Naresh Gupta, a trader from north India. Most mills in the state have sold a majority of their stock and are not eager sellers at the moment, he said. Demand improved slightly after prices fell over the past few days, he said. Prices in the resale markets of Uttar Pradesh improved by INR 5-INR 10 per 100 kg on the slight improvement in demand, he added. However, demand overall remains weak and purchases have not picked up as much as they usually do in summer, he added. April typically sees an uptick in sugar sales as demand from soft-drink and ice-cream makers rises.

Mills in Maharashtra kept prices steady Tuesday despite poor demand as they waited for demand to pick up, said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association. Prices are likely to remain steady for the rest of the month, he said. Fluctuations may be seen only after the release of the sales quota for May, he added.

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

--Up INR 10 at INR 3,900-INR 4,020 per 100 kg in western Uttar Pradesh

--Up INR 10 at INR 3,900-INR 4,020 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 1853 IST, sugar prices on the Intercontinental Exchange rose 0.8% to 17.88 cents per pound, tracking a rise in crude oil prices on the New York Mercantile Exchange. Higher crude oil prices encourage the diversion of sugarcane for the production of ethanol, leading to a fall in sugar supplies.  End

US$1 = INR 85.18

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Edited by Rajeev Pai

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