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Informist, Friday, May 2, 2025

By Taniva Singha Roy

MUMBAI – Ex-mill prices of sugar rose in Maharashtra Friday on firm demand at the beginning of the month, traders said. However, prices were steady in Uttar Pradesh as there was muted demand at higher rates, they said.

Mills in Maharashtra raised prices by INR 20 per 100 kg as there was firm demand at the start of the month, said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association. Prices are likely to remain at the current levels in the coming days as they have already risen by INR 50 per 100 kg following the announcement of sugar sales quota for May, Kuvadia said. 

Mills in Uttar Pradesh kept prices steady as there was sluggish demand after prices rose following the sales quota. There was muted demand at higher rates, said Naresh Gupta, a trader from north India. 

The government has kept the sugar sales quota for May at 2.35 million tonnes, unchanged from April, but nearly 13% lower than the 2.70 million tonnes a year ago. The quota of 2.35 million tonnes was seen as insufficient initially, given that demand from institutional buyers, including ice-cream and cold drink manufacturers, is particularly high in May, Gupta said.

Prices in the resales markets of Uttar Pradesh fell by INR 5 per 100 kg due to muted buying, Gupta said. Prices could pick up later during the month due to seasonal demand, Gupta said.

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

--Flat at INR 3,950-INR 4,080 per 100 kg in western Uttar Pradesh

--Flat at INR 3,950-INR 4,080 per 100 kg in central Uttar Pradesh

--Up INR 20 at INR 3,850-INR 3,905 per 100 kg in Kolhapur, Maharashtra

--Up INR 20 at INR 4,032-INR 4,092 per 100 kg in Mumbai, Maharashtra

At 1809 IST, sugar prices on the Intercontinental Exchange were down 0.8% at 17.03 cents per pound, tracking a fall in crude oil prices on the New York Mercantile Exchange. Lower crude oil prices discourage diversion of sugarcane for the production of ethanol, leading to a rise in sugar supplies.  End

US$1 = INR 84.58

Edited by Saji George Titus

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