Sugar prices on the Vashi wholesale market ruled steady on Wednesday arresting continuous steady gain tracking extended loss in domestic futures prices. Retailers paid Rs 5-10 a quintal higher for fine variety. Naka rates improved by Rs 10 while mills tender rates were unchanged on ease in local demand.

In futures market, prices declined further by Rs 21-32 till noon on reports of Indian mills have signed deals to import up to 4.50 lakh tonnes of Brazilian raw sugar for delivery from October to December. A Vashi-based wholesaler said Maharashtra’s mills sold merely 35,000-36,000 bags to local traders on Tuesday evening. Traders are optimistic about higher festivals demand in October for Navaratri and Dasara. In September, sugar prices have registered steady gain during the Ganeshotsav festival.

Mills in Maharashtra are unlikely to get enough sugar cane. That’s why they are seeking raw sugar for capacity utilisation. In Vashi market, arrivals were about 66-67 truck loads (each of 100 bags) while local dispatches were about 63-64 truck loads. On Tuesday evening, about 15-16 mills offered tenders and sold about 35,000-36,000 bags (each of 100 kg) to the local traders at Rs 3,540-3,590 (Rs 3,540-3,590) for S-grade and Rs 3,640- 3,720 (Rs 3,630-3,710) for M-grade. Eastern buyers covered one rail rake (each of 27,000 bags) of S-grade from Karnataka at Rs 3,548, said sources.

The Bombay Sugar Merchants Association’s spot rates: S-grade Rs 3,625 -3,702 (Rs 3,625-3,702) and M-grade Rs 3,702-3,811 (Rs 3,712-3,811).Naka delivery rates: S-grade Rs 3,600-3,640 (Rs 3,590-3,640) and M-grade Rs 3,670-3,770 (Rs 3,660-3,760).