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Domestic Sugar Prices Continue To Rule Steady

19 Feb 2020 7:57 pm
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NEW DELHI (Commoditiescontrol) - Prices of sugar continued to rule steady at major markets in the country on Wednesday because of limited buying from bulk buyers and amid optimism over export demand.

Prices may remain stable ahead due to the optimism over exports of the sweetener following higher price in the international market. Sugar prices in the international market are hovering at multi-year highs.

Meanwhile, the government has issued new guidelines directing the reallocation of export quotas from sugar mills that haven’t been able to use them to those that have asked for higher quotas.

In a circular issued on Tuesday, the government warned mills that were not able to utilise their export quotas and don’t surrender or relinquish them that “such mills will not be entitled for their claims for third and fourth quarters for the sugar buffer stock they are maintaining”. The claims are for incentives given for maintaining buffer stock.

According to the Indian Sugar Mills Association (ISMA), a few mills have surrendered or will surrender minimum admissible export quantity (MAEQ) or exports quota that they cannot fulfill to the government.

ISMA and traders have estimated that exports would be about 5 million tonnes this season, against 6 million tonnes of MAEQs issued by the government. Exporters say that about 1.6-1.7 million tonnes have been exported and about 3.2-3.3 million tonnes of export contracts have been signed.


       
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