Sugar prices on the Vashi wholesale market for S-grade dropped by Rs 18 a quintal at the lower end and increased by Rs 9 at the higher end.

But price for M-grade declined by Rs 10 and Rs 24 a quintal on either side, respectively, on Thursday on routine demand and supply.

As supply is ample and producers are continuously selling, the market is unlikely to see any sharp uptrend this month, said wholesalers.

A Vashi-based wholesaler said: “Despite start of the new month, the local demand has not improved due to ample stocks lying with stockists.

On the other hand, mills are continuously selling as they have to cope up with peak production.

Heavy carryover stock and higher production this year weigh on the market. In the absence of demand from neighbouring States and exports, millers are forced to offload their produce in local markets.

”Arrivals at Vashi market were 58-60 truckloads (of 100 bags each) while local dispatches were 52-54 loads. On Wednesday, about 18-20 mills sold 85,000-90,000 bags at Rs 2,650-2,750 (Rs 2,640-2,740) for S-grade and Rs 2,730-2,960 (Rs 2,720-2,980) for M-grade.

On National Commodities and Derivatives Exchange, February-14 was Rs 2,790 (Rs 2,790), March-14 was at Rs 2,798 (Rs. 2,797) and April-14 was at Rs 2,818 (Rs 2,816).

The Bombay Sugar Merchants Association's spot rates were: S-grade Rs 2,832-2,981 (Rs 2,850-2,972) and M-grade Rs 2,941-3,162 (Rs 2,951-3,186). Naka delivery rates were: S-grade Rs 2,800-2,880 (Rs 2,800-2,880) and M-grade Rs 2,900-3,075 (Rs 2,900-3,075).

Uttar Pradesh rates were: Muzzafarnagar Rs 3,180.