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Informist, Thursday, May 15, 2025

By Taniva Singha Roy

MUMBAI – Ex-mill prices of sugar remained steady in the key markets of Uttar Pradesh and Maharashtra on Thursday, traders said. Prices could fall in the coming days on weak demand, they said.

Mills across Uttar Pradesh kept prices steady on Thursday as there was no demand for the sweetener at elevated price levels, Naresh Gupta, a north India-based trader, said. Even though mills are not in a hurry to meet the monthly sales quota, they did not increase prices further as demand is sluggish, Gupta said. 

Mills had raised prices by INR 40-INR 50 per 100 kg earlier as they still have time to meet the monthly quota. However, demand did not pick-up and mills had to hold back on raising rates further, Gupta said. 

In the resale markets of Uttar Pradesh, prices fell by INR 5-INR 10 per 100 kg due to poor demand, Gupta said. Mills may cut prices in the coming days as demand is unlikely to pick up, he added. The downtrend is likely to continue as demand is unlikely to pick up in the coming days, Gupta said.

Typically, demand from institutional buyers, including ice cream and cold-drink manufacturers, increases during summer months. But, demand for sugar has been low this summer due to availability of healthier alternatives, he said.

Sugar prices were flat in Maharashtra as demand was on par with supply and mills do not have pressure to meet monthly quota yet, said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association. But prices could fall in the coming days as demand is weak, said Kuvadia.

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

--Flat at INR 3,880-INR 4,040 per 100 kg in western Uttar Pradesh

--Flat at INR 3,880-INR 4,040 per 100 kg in central Uttar Pradesh

--Flat at INR 3,840-INR 3,880 per 100 kg in Kolhapur, Maharashtra

--Flat at INR 4,012-INR 4,072 per 100 kg in Mumbai, Maharashtra

At 1837 IST, sugar prices on the Intercontinental Exchange were down 1.4% at 17.80 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 85.55

Edited by Ashish Shirke

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