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Informist, Wednesday, Jun. 11, 2025

By Taniva Singha Roy

MUMBAI – Ex-mill prices of sugar in the key markets of Uttar Pradesh and Maharashtra were steady on Wednesday as mills are waiting for demand to pick up at prices that are already lower, said traders. But there is no demand at the current prices, so mills might cut rates in the coming days, they said.

Mills in Uttar Pradesh kept prices steady to see if there is demand at lower rates, said Naresh Gupta, a trader from north India. However, dealers in the resale markets of the state cut prices by INR 5-INR 7 per 100 kg as demand was sluggish, he said.

Prices ought to fall in the coming days if mills want to offload stocks, because only at even lower rates, there is some possibility of demand picking up, Gupta said. The downtrend is likely to continue as mills are under pressure to meet the sales quota for the month amid sluggish demand, he added.

Mills in Maharashtra kept prices steady after cutting rates by INR 10 per 100 kg owing to poor demand the previous day, said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association. Prices are likely to fall as there is no demand from ice-cream and cold-drink manufacturers with summer coming to an end with the arrival of the southwest monsoon, said Kuvadia. Demand for sugar is typically lower during this month, he said.

Demand for sugar is also less on account of the availability of healthier alternatives such as jaggery, he said. Moreover, there is no festival this month, so there is no demand from confectioneries, Kuvadia said.

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

--Flat at INR 3,850-INR 3,950 per 100 kg in west Uttar Pradesh
--Flat at INR 3,850-INR 3,950 per 100 kg in central Uttar Pradesh
--Flat at INR 3,800-INR 3,850 per 100 kg in Kolhapur
--Flat at INR 3,963-INR 4,052 per 100 kg in Mumbai

At 1844 IST, sugar prices on the Intercontinental Exchange were up 0.2% at 16.51 cents per pound. Sugar prices rose tracking crude oil prices. Higher crude oil prices prompt mills to divert more sugarcane towards ethanol production rather than sugar, reducing sugar supplies. However, expectations of a global sugar surplus in key producing countries, including India, this year are preventing prices from rising further.  End

US$1 = INR 85.51

Edited by Ashish Shirke

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