Prices of raw sugar globally are in a free fall for the last three-four months and a further downside is expected by next month. Prices of raw sugar on Intercontinental Exchange fell to a 16-month low of 12.53 cents per pound in the last week of June. Though prices rebounded to 14-cents-per-pound mark earlier this week, the gains were short-lived. In the main centre-south growing region (of Brazil), the proportion of sugarcane that is turned into sugar is set to increase to 48%, following a figure of 46.3% in the last crop year. Prices of the sweetener may slip further mainly due to expectation of bumper global production in the next season.
Sugar prices fall in Mumbai, flat in Delhi.
Prices of sugar were down in the key wholesale markets of Mumbai as demand faded at higher prices. In Delhi, prices were unchanged after rising by 5 rupees per 100 kg on previous close, after the import duty hike, while in Mumbai, the commodity was down 5 rupees.
ICE raw sugar down as India ups import duty to 50%.
Futures contracts of raw sugar on the ICE fell over 1% as the import duty on sugar in India was increased to 50% from 40%. The most-active October contract was at 13.37 cents per pound, down 1.4% from the previous close.
Latest Report on Sugar | Sugar Daily 20170712.pdf
Latest Report on Sugar | Sugar Daily 20170712.pdf
India Sugar NCDEX Oct contract tad up as govt raises import duty.
The October contract was up 0.3%. In the last week of June, prices of raw sugar on the Intercontinental Exchange had slipped to a 16-month low of 12.53 cents per pound. Raw sugar futures on ICE fell over 1% due to the hike in import duty.
Maharashtra to release up to 70 million rupees of sugar export subsidy.
The cooperation and marketing department of Maharashtra approved subsidy payments for cooperative mills that exported raw sugar in 2014-15 season. The payment of subsidies has been approved to enable mills to clear fair and remunerative prices to sugarcane farmers. The state had provided 100 million rupees for payment of sugar subsidies in the current financial year budget, of which 70%, or 70 million rupees, can be used for export subsidies. The government had declared a subsidy of 1,000 rupees per tonne to encourage export of raw sugar in 2014-15, when the country faced severe supply glut and record low prices of the sweetener.
Latest Report on Sugar | Sugar Daily 20170711.pdf
Latest Report on Sugar | Sugar Daily 20170711.pdf
India Govt raises import duty on sugar to 50% from 40%.
The government increased the import duty on sugar to 50% from 40% with immediate effect to counter cheap imports amid abundant supply in domestic markets. The duty has been increased on the bulk imports of raw sugar, refined, or white sugar. The government did not mention an expiry date for the new duty.
ICE Oct sugar down 2% intraday as India ups import tax.
The October sugar contract on the ICE fell 1.9% intraday, as India raised the import duty on sugar to 50% from 40% to prevent imports. The contract down 0.4% from the previous close.
India Sugar stocks sweeten as govt hikes import duty to 50%.
Shares of sugar companies were trading higher by upto 7% on BSE after the government increased import duty on sugar to 50%, up from 40%, to restrict cheap inward shipments and maintain domestic prices. In past one-week, most the sugar stocks have outperformed the market by gaining in the range of 5% to 22%, as compared to 1.8% rise in the S&P BSE Sensex.
India Rajshree Sugars sales decline in two of its units.
The company sugar sales in Theni District unit dropped by 27.6% to 1,716 million tonne in June 2017 as against 2,373 million tonne in June 2016. The company sugar sales in its Mundiyampakkam unit nearly doubled rising by 76% to 10, 513 million tonne in June 2017 as against 5,951 million tonne in the year ago period. While, sugar sales in the company Semmedu unit decline by almost 8% to 2,363 million tonne in June 2017 from earlier 2,566 million tonne in the year ago period.
Latest Report on Sugar | Sugar Daily 20170710.pdf
Latest Report on Sugar | Sugar Daily 20170710.pdf
Delhi, Mumbai sugar prices unchanged on thin trade.
Prices of sugar flat in the wholesale markets of Delhi and Mumbai due to thin trade.
India likely to increase sugar import tax to 50%.
India is likely to raise import duty on the sweetener to 50 percent from 40 percent in an attempt to restrict the cheaper flow of the commodity from overseas. The government in April allowed the duty-free import of 500,000 tonnes of sugar by the end of June to keep a lid on prices after local production fell by a fifth from a year ago. However, in 2017/18 marketing year starting from October 1, India sugar output is expected to jump a quarter from the previous year to 25 million tonnes. There have been some apprehensions of cheaper imports flooding the Indian market. That’s why the government is likely to raise the duty to 50 percent.
Sugar stocks up on hope of duty hike.
Sugar stocks rose by up to 20 per cent on expectation of an increase in customs duty to curb cheaper imports and estimates of lesser production than previous projections. The share price of Shree Renuka Sugars jumped the highest, to close at ~15.66. Bajaj Hindusthan and Simbhaoli Sugars surged by 9.3 per cent and 7.3 per cent, to close at ~16.36 and ~31.45, respectively. Also, monsoon rain has been sporadic in major cane growing areas, prompting analysts to forecast less output than previous estimates.
Rabobank sees India sugar output recovering to 26.7 mln tn 2017-18.
Rabobank sees India sugar output recovering to 26.7 mln tn 2017-18.
Sugar prices steady after rising as demand fades in Delhi.
Sugar prices steady after rising as demand fades in Delhi.
Food ministry asks finance ministry to raise import duty on sugar.
Food ministry asks finance ministry to raise import duty on sugar.
Delhi sugar prices up on likely fall in supplies.
Delhi sugar prices up on likely fall in supplies.
Sugar prices up Rs 40-50/quintal in Maharashtra after GST rollout.
Sugar prices up Rs 40-50/quintal in Maharashtra after GST rollout.