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Informist, Tuesday, May 6, 2025

By Taniva Singha Roy

MUMBAI – Ex-mill prices of sugar fell in the key markets of Uttar Pradesh on Tuesday as demand was sluggish even after mills reduced prices, said traders. Mills in Maharashtra kept prices steady as demand matched supply, they said.

Mills in Uttar Pradesh cut prices by INR 40 per 100 kilograms Tuesday, due to poor demand even at lower rates, said Naresh Gupta, a trader from north India. Mills had cut prices by INR 30-INR 40 per 100 kg the previous day as well. In the resale markets of Uttar Pradesh, prices fell by INR 5-INR 10 per 100 kg, again due to sluggish demand, Gupta said.

Last week, mills had raised prices by INR 25-INR 35 per 100 kg as they considered the sales quota of 2.35 million tonnes for May to be insufficient. However, the higher prices could not hold as there was no demand for the sweetener. Typically, demand from institutional buyers, including ice cream and cold-drink manufacturers, increases during summer. But demand for sugar has been low this summer due to availability of healthier substitutes of ice creams and beverages, Gupta said.

Sugar prices in Maharashtra were flat Tuesday, as demand was on par with supply, said Seemal Sudhir Jain, secretary of the Kolhapur Karad Sangli Sugar Merchants Association. Prices are likely to remain at the current levels, as demand is unlikely to pick up, Jain said.

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

--Down INR 40 at INR 3,875-INR 4,040 per 100 kg in western Uttar Pradesh

--Down INR 40 at INR 3,880-INR 4,050 per 100 kg in central Uttar Pradesh

--Flat at INR 3,830-INR 3,885 per 100 kg in Kolhapur, Maharashtra

--Flat at INR 4,000-INR 4,062 per 100 kg in Mumbai, Maharashtra

At 1840 IST, sugar prices on the Intercontinental Exchange were up 0.6% at 17.57 cents per pound, tracking a rise in crude oil prices on the New York Mercantile Exchange. Higher crude oil prices encourage diversion of sugarcane for the production of ethanol, leading to a fall in sugar supplies.  End

US$1 = INR 84.43

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

Edited by Nishant Maher

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