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Domestic Sugar Prices Rule Steady

28 Feb 2020 8:43 pm
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NEW DELHI (Commoditiescontrol) - Prices of sugar ruled mostly steady at major markets in the country on Friday as demand ahead of Holi and summer season offset selling pressure on mills.

According to traders, mills are offloading their stocks at lower rates to exhaust their monthly quota. But demand has improved ahead of the Holi festival.

Market participants expect higher monthly sales quota for March at 2.2 million tonnes because of the onset of summer.

Meanwhile, the Centre on Tuesday further extended the deadline for mills to export balance sugar quota allocated during last season of 2018-19 till March 14.

An order in this regard has been issued by the Food Ministry. The previous deadline for shipment of balance sugar quota of 2018-19 expired on February 15.

The government had allowed mandatory export of 5 million tonne of sugar under the Minimum Indicative Export Quotas (MIEQ) for 2018-19 season (October-September) in order to improve the liquidity of mills and ensure payment of cane dues.

About 3.8 million tonne of sugar has already been exported under the scheme, as per the official data.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.


       
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