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Informist, Wednesday, Apr. 23, 2025

By Taniva Singha Roy

MUMBAI – Ex-mill prices of sugar in the key markets of Uttar Pradesh rose for the second consecutive day Wednesday with mills no longer in a rush to sell, having offloaded most of their assigned quantity for the month, traders said. Mills in Maharashtra kept prices steady despite sluggish demand, they added.

Mills in Uttar Pradesh raised prices by INR 20 per 100 kg, as most of them have met their monthly sales quota and are not eager sellers at the moment, said Naresh Gupta, a trader from north India. Demand has also 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 are yet to rise to the level seen normally in summer, he added. April typically sees an uptick in sugar sales on demand from soft-drink and ice-cream makers. Meanwhile, the mills are awaiting the release of their sales quotas for May. The market anticipates the quotas to be slightly higher than in April, Gupta said. 

Mills in Maharashtra kept prices steady again Wednesday, Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association, said. Demand is poor and unlikely to pick up in the remainder of this 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 20 at INR 3,920-INR 4,040 per 100 kg in western Uttar Pradesh

--Up INR 20 at INR 3,920-INR 4,040 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 1935 IST, sugar prices on the Intercontinental Exchange fell 0.7% to 17.84 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 85.42

Edited by Rajeev Pai

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