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Higher Sugar Output Continues to Dampen Sentiments; Prices Down In South & East

18 Jan 2021 6:04 pm
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NEW DELHI (Commodities control) Higher sugar production in the country dampened market sentiment further. Sugar prices decreased further in eastern and southern region. The prices remained steady in other regions but bearish trend remained intact. As per latest report, sugar production increased 30 percent to 142.7 lakh MT till mid-January.


M grade sugar reduced Rs. 30 to Rs. 3460-3485 per quintal (GST paid) in Kolkata spot market. Similarly, M grade sugar prices fell down Rs. 10 to Rs. 3100-3120 per quintal (GST Extra) in Hyderabad. S grade sugar also eased down Rs. 10 to Rs. 3070-3100 per quintal. Traders told that ex-mill prices fell down as low as Rs. 2950 per quintal in Maharashtra, Karnataka and other adjoining regions. A senior official of south India based sugar group commented on current scenario that there was no comfortable demand so we need to work hard to get buyers. We also need to reduce prices to keep our products attractive in current bearish market.


Bearish trend prevailed in all over the regions but the prices slipped in eastern and southern region due to higher production in the country and regions specific. Millers were forced to reduce prices to manage their liquidity by their sales. Therefore, spot prices came down in these markets.



As per latest report from sugar industry’s apex body ISMA, Sugar production increased from 108.94 lakh MT to 142.7 lakh MT till mid-january. Sugar production reduced slightly in Uttar Pradesh but increased other regions. The production doubled in Maharashtra.


Market

Grade

18-Jan

16-Jan

Change

Delhi

M-31

3400-3500

3400-3500

0

(Including GST)

S-31

3380-3480

3380-3480

0

Muzaffarnagar (UP)

M-31

3380-3480

3380-3480

0

(Including GST)

S-31

3360-3460

3360-3460

0

Kanpur (UP)

M-31

3390-3500

3390-3500

0

(Including GST)

S-31

3370-3480

3370-3480

0

Mumbai-Vashi

M-30

3202-3432

3202-3432

0

GST Extra

S-30

3122-3202

3122-3202

0

Mumbai-Naka

M-30

3150-3200

3150-3210

-10

GST Extra

S-30

3110-3160

3110-3160

0

Kolhapur (Maha)

M-30

3050-3110

3050-3110

0

GST Extra

S-30

3010-3030

3010-3030

0

Hyderabad (Tel.)

M-30

3100-3120

3110-3130

-10

GST Extra

S-30

3070-3100

3080-3110

-10

Bangaluru (Ktk)

M-30

3120-3140

3130-3150

-10

GST Extra

S-30

3080-3110

3090-3120

-10

Chennai (TN)

M-30

3200-3220

3210-3230

-10

GST Extra

S-30

3170-3200

3180-3210

-10

Kolkata Ex-Rly Siding

M-30

3460-3485

3490-3500

-30

(Including GST)

S-30

3420-3430

3440-3450

-20

(By Commoditiescontrol Bureau: +91-22-40015505)


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