The government may extend the stockholding limit on sugar traders for another six months in order to maintain adequate supplies in the market and to keep prices under control. Stockholding limit on traders have to be continued for another six months to prevent hoarding.
Warana Sugar head sees India 2017-18 output at 22 million tonne.
India sugar production in 2017-18 (Oct-Sep) is set to fall short of even the most conservative of government estimates, of 23.5 million tonne, Kolhapur-based Warana Sugar Ltd told in the Sugar Conclave-2017 being held in the city. Warana estimate for sugar output is more than 6% below the lower end of the food ministry projection of 23.5-24.0 million tonne and 12% lower than the Indian Sugar Mills Association estimate of 25.1 million tonne.
India sugar prices stable in most spot markets, down in Kolhapur.
Prices of sugar were largely unchanged in the key wholesale markets of Delhi, Muzaffarnagar and Mumbai due to lacklustre trade. Sugar prices, however, fell in the key wholesale market of Kolhapur, as implementation of a stock-holding limit on mills dampened the sentiment.
Deadline for tariff quota raw sugar export to US extended to Oct 31.
The government has extended the deadline for export of raw sugar to the US under the tariff rate quota by a month to Oct 31. The US allows duty-free import of 8,424 tonne raw sugar from India under the quota every year. Sugar exports from India through the normal channel attract a duty of 20%. There have been no raw sugar exports so far under the preferential tariff quota for 2016-17 (Oct-Sep).
Shree Renuka Sugars sees India heading for tight sugar supply ’17-18.
The Indian sugar industry is set to witness yet another year of tight supplies despite a 20% rise in output expected in 2017-18 (Oct-Sep), as ending stocks are seen tumbling to multi-year lows. Sugar stocks at the end of October falling to around 1.5 million tonne.