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Informist, Thursday, May 8, 2025

By Taniva Singha Roy

MUMBAI – Ex-mill prices of sugar in the key market of Uttar Pradesh were largely steady Thursday, except for a few mills who cut prices, said traders. Mills in Maharashtra continued to keep prices steady due to balanced demand and supply, they said.

Mills across Uttar Pradesh kept prices largely steady as demand did not improve even after cutting rates, said Naresh Gupta, a trader from north India. Except for a few mills that cut prices by INR 10-INR 20 per 100 kilograms, there was minimal to no impact on the average price in the northern state, he said. 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 as demand was at par with supply, said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association. Prices are likely to remain at the current levels as demand is unlikely to pick up, Kuvadia said.

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

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

--Flat 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 1854 IST, sugar prices on the Intercontinental Exchange were down 1.7% at 17.42 cents per pound, tracking a rise in crude oil prices on the New York Mercantile Exchange. Lower crude oil prices encourage diversion of sugarcane for the production of ethanol, leading to a fall in sugar supplies.  End

US$1 = INR 85.71

Edited by Nishant Maher

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