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India's Tax Move to Pour Sugar Onto Global Stage -- Market Talk

21 Mar 2018 8:11 am

0811 GMT - India's decision to scrap a 20% export duty on sugar is aimed at boosting overseas sales, giving millers a better way to deal with oversupply in a year of surplus production. Authorities are hoping sugar mills will ship out up to 4 million metric tons of the sweetener as production has surged 47% so far this season to 26 million, according to latest estimates from the Indian Sugar Mills Association. The lowered tax is likely to push down sugar prices globally, which "could make it tough" for Indian millers to sell excess product, says a Mumbai-based trader. (vibhuti.aagarwal@wsj.com)

(END) Dow Jones Newswires

March 21, 2018 04:11 ET (08:11 GMT)

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