Sugar prices ruled steady on the Vashi wholesale market on Wednesday, while they improved on the futures market.

Trading at Naka took place at previous day’s level. Mills sold M-grade Rs 10 a quintal lower on slack demand.

An observer said that in the physical market despite delay in crushing sugar prices are ruling lower than production cost due to higher carryover stocks.

Even at distribution (market) points, ample stocks are available.

The Vashi market has been carrying over 110- 115 truckloads stock for quite sometime. Neighbouring States’ buying is lacking in Maharashtra as prices in other producing centres are ruling at a par with the State, he said.

Arrivals at the Vashi market were 61-62 truckloads (of 100 bags each) while local dispatches were 59-60 loads.

On Tuesday evening, 19-20 mills offered tenders and sold 54,000-55,000 bags at Rs 2,690-2,790 (Rs 2,690-2,790) for S-grade and Rs 2,800-3,000 (Rs 2,810-3,010) for M-grade.

The Bombay Sugar Merchants Association's spot rates were: S-grade Rs 2,840-2,966 (Rs 2,840-2,970) and M-grade Rs 3,006-3,222 (Rs 3,006-3,222).

Naka delivery rates were: S-grade Rs 2,810-2,900 (Rs 2,810-2,900) and M-grade Rs 2,900-3,110 (Rs 2,900-3,130).

Uttar Pradesh rates were: Hapur Rs 3,150.