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Domestic Sugar Prices Rule Firm On Increased Demand

24 Feb 2020 8:32 pm
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NEW DELHI (Commoditiescontrol) - Prices of sugar ruled firm at major markets in the country on Monday because of a pick-up in demand ahead of the Holi and on export optimism.

As per traders, demand for summer consumption will also rise in coming days.

The overall sentiment is also positive 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.

As per reports, Indonesia is looking at importing 200,000-250,000 tonnes of sugar from India before Ramzan. Typically, the southeast Asian nation buys sugar from Thailand, but due to lower production in the latter on the back of drought last year, the demand is shifting to India.

Meanwhile, Care Ratings said in its latest report that sugar exports from India are expected to remain firm in the next few months given the upward trend witnessed by international sugar prices in recent months.

International sugar prices have increased on a sequential basis in each of the months during October 2019 to January 2020 and continued to inch upwards in February 2020 (data is till February 15, 2020). During February 1 to February 15, 2020, the average international prices were up 16%-22% compared to the prices in October 2019, the Care Ratings study said.

The report further said about 3.2 MT of export contracts have been signed and around 1.6 MT of sugar have been exported against Maximum Admissible Export Quantity (MAEQ). In August 2019, the Cabinet Committee of Economic Affairs announced export subsidy at Rs 10.4 per kg to sugar mills for the sugar season 2019-20. The incentive is to be provided for expenses on marketing costs including handling, upgrading and others, and is applicable to export of up to 6 MT limited to MAEQ allocated to sugar mills for the sugar season 2019-20.


       
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