Indian sugar mills association

Mills’ sales continue to press

Date:	16 Apr 2011

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News ID:	12

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Sugar prices on the Vashi wholesale market continued to decline on Friday on selling by mills. Mills were offloading/dispatching balance of last month’s one lakh tonnes carryover stock for which the time limit expired on Thursday. Most of the current month’s 16 lakh tonnes normal sugar quota is pending, hence, the overall sentiment was weak, said traders. Mr Harakhchand Vora, Vice-President of Bombay Sugar Merchant Association, told Business Line: “At the producing level, prices further fell by Rs 10-15 wherein spot less-than-expected demand keeps prices down by Rs 5-10. Naka rates also declined Rs 10 on higher resale selling. Higher arrivals resulted in increase of inventory in the market and indirectly arrested fresh stock buying.” He said production data of sugar industry up to March indicate, sugar production will be higher than local consumption. On Thursday, about 8-10 mills have sold about 75,000-80,000 bags (100 kg each) of sugar in the range of Rs 2,620-2,650 for S-grade and Rs 2,670-2,700 for M-grade to local stockists. Arrivals in the markets today were 44 /45 truckloads (100 bags each) and local dispatches were 38/40 truckloads. The Bombay Sugar Merchants Association’s spot rates were : S-grade Rs 2,766 -2,820 (Rs 2,771-2,825) and M-grade Rs 2,810 -2,911 (Rs 2,815-2,911). Naka delivery rates: S-grade Rs 2,720-2,740 (Rs 2,730-2,750) and M-grade Rs 2,750-2,800 (Rs 2,770-2,860).

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