Mumbai, July 17: Sugar prices on the Vashi wholesale market dropped for selected varieties — by Rs 20 a quintal for M-grade and Rs 3 for S-grade — on Wednesday as local demand remained need-based. Continuous selling by mills and sufficient stocks in the market kept the volumes steady.

Naka rates were up by Rs 7 a quintal for S-grade and down by Rs 5 for M-grade. Mill tender rates were unchanged for seventh consecutive day.

Jagdish Rawal of B. Bhogilal and co, said: “As market was continuously closed for last three days, retailers’ offtake remain high without affecting the price and sentiments. For selected bold varieties, the demand was high. Vashi market is carrying more than 120-125 truckloads of stocks this month due to ample supply. Hence, stockists kept away from bulk buying. Retailers demand remained need-based despite Ramzan”.

He further said that upcountry buying is still lacking in Maharashtra forcing producers to offload the commodity in State-level markets. Inventory held with mills is also more than sufficient. Arrivals at Vashi market were 63- 64 truckloads (of 100 bags each) and local dispatches were about 62-63 loads.

On Tuesday evening, about 15-16 mills offered tenders and sold about 48,000-50,000 bags to the local traders at steady rates of Rs 2,930-3,000 for S-grade and Rs 3,030-3,110 for M-grade.

The Bombay Sugar Merchants Association's spot rates were: S-grade Rs 3,062-3,142 (Rs 3,062-3,145) and M-grade Rs 3,172-3,322 (Rs 3,192-3,322). Naka delivery rates were: S-grade Rs 3,020-3,080 (Rs 3,020-3,070) and M-grade Rs 3,130-3,220 (Rs 3,130-3,220).