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Informist, Tuesday, May 27, 2025

By Taniva Singha Roy

MUMBAI – Ex-mill prices of sugar in the key markets of Uttar Pradesh and Maharashtra were steady on Tuesday as most mills have already offloaded the required quantity for the month, traders said. Prices are likely to remain at current levels until the release of the sales quota for June, they said.

Mills across Uttar Pradesh kept prices steady as they were not in a hurry to sell, said Naresh Gupta, a trader from north India. Most mills in the state have already met the sales quota for May. As they were no longer under pressure, they did not lower rates, said Gupta. Mills in Uttar Pradesh had raised prices by INR 15 per 100 kg on Friday after cutting prices during the previous few days, Gupta said.  

In the resale markets in Uttar Pradesh, too, prices were steady, Gupta said. Rates of the sweetener are likely to remain at current levels till the release of the sales quota for June, Gupta added. However, mills that are yet to meet the quota might lower rates slightly, he said.

Mills in Maharashtra kept prices steady owing to demand-supply parity, said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association. Millers now await the release of the sales quota for next month, depending on which prices will move, Kuvadia said. For the rest of the month, prices are likely to remain steady due to lack of cues, he added.

Market participants expect the monthly sales quota for June to be 2.25-2.3 million tonnes, down from 2.35 million tonnes in May, as demand during the month is usually lower owing to temperatures cooling with the onset of the monsoon.

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

--Flat at INR 3,875-INR 3,985 per 100 kg in western Uttar Pradesh

--Flat at INR 3,875-INR 3,985 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 1549 IST, sugar prices on the Intercontinental Exchange were up 0.6% at 17.39 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 supply.  End

US$1 = INR 85.33

Edited by Avishek Dutta

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