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Domestic Sugar Prices Rule Steady In Limited Trade

19 Aug 2019 7:33 pm
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NEW DELHI (Commoditiescontrol) - Sugar prices remained mostly stable at the major Mumbai market on Monday amid limited trading activities.

In Mumbai, prices were at Rs 3,302-3,402 a quintal for S-grade and at Rs 3,322-3,552 for M-grade, as per Bombay Sugar Merchants Association.

Prices are likely to remain firm in the days to come amid reports that the government is likely to soon seek Cabinet approval to subsidise export of up to 6 million tonnes of sweetener in 2019-20 (Oct-Sept) to help clear the surplus in the domestic market and support domestic prices.

As per reports, the ministry is likely to propose a subsidy of Rs 10.50-11 per kg on export of sugar that is within the ambit of World Trade Organization rules.

The subsidy would cover the cost of loading and transporting sugar from warehouse to port, loading the sugar in ships, ocean freight, insurance and handling charges.

In the current sugar season that ends in September, the government had given a similar quantum of subsidy for export of sugar. One part of the subsidy was given on cane crushed by mills that export of sugar, and the other was given on transporting sugar from mills to the nearest port.

(By Commoditiescontrol Bureau)

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