Mumbai, July 12:

Spot sugar prices on the Vashi terminal market ruled steady on Friday.

But the S-grade sold Rs 6 a quintal higher at the lower end. Business in M-grade was done at steady level.

Naka and mill tender rates were steady due to limited local demand.

Prices in the futures market were bearish in absence of any positive cues, said sources.

Another trader said: “Millers are not keen to sell at lower prices considering higher production cost but in the absence of neighbouring States buying and export demand, the only way is to dispatch commodity in local markets. Higher sugar output for current and next year also weigh on physical market.”

Arrivals at Vashi market were 62-63 truckloads (of 100 bags each) and local dispatches were about 61-62 truck loads.

On Thursday, about 12-13 mills offered tenders and sold about 44,000-45,000 bags to the local traders at steady rates Rs 2,930-3,000 (Rs 2,935-3,000) for S-grade and Rs 3,030-3,110 (Rs 3,030-3,110) for M-grade.

The Bombay Sugar Merchants Association's spot rates were: S-grade Rs 3,072-3,145 (Rs 3,066-3,145) and M-grade Rs 3,192-3,311 (Rs 3,192-3,311).

Naka delivery rates were: S-grade Rs 3,010-3,080 (Rs 3,010-3,080) and M-grade Rs 3,120-3,230 (Rs 3,120-3,230).