Mumbai, Sept. 6:

Sugar prices ruled steady on Friday as producers continued selling surplus stocks amid routine demand. The Vashi market is carrying ample stocks forcing stockists to keep away from taking bulk buying risk.

Prices in spot, naka and mill level were unchanged with minor changes. The futures market also showed thin volatility. Sources said that the market was range-bound at Vashi, while in the futures market, prices settled lower. Prices have dropped by Rs 20 a quintal over the last three days.

As the new crushing season is only a month away, producers are keen to ease their inventory burden. Demand from eastern States has got diverted to Karnataka forcing Maharashtra’s mills to depend on local markets.

Arrivals in the Vashi market were 62-63 truckloads (100 bags each) while local dispatches were 61-62 loads. On Thursday, 15-16 mills offered tenders and sold about 38,000-40,000 bags at Rs 2,880-2,960 (Rs 2,880-2,960) for S-grade and Rs 2,990-3,060 (Rs 2,990-3,060) for M-grade.

Bombay Sugar Merchants Association's spot rates were: S-grade Rs 3,026-3,141 (Rs 3,026-3,140) and M-grade Rs 3,162-3,302 (Rs 3,132-3,312). Naka delivery rates were: S-grade Rs 2,965-3,040 (Rs 2,965-3,040) and M-grade Rs 3,090-3,220 (Rs 3,090-3,220).

Uttar Pradesh rates were Lakhimpur Rs 3,300 and Muzzafarnagar Rs 3,300.