Sugar prices dropped further by ₹4-5 a quintal on the Vashi wholesale spot market on Tuesday as stockists sold fair quality at lower rates. Fine variety ruled steady. Naka and mill tender rates were unchanged due to matching demand and supply. Due to ample supply and inventory stocks morale was weak, said observer.

A Vashi-based wholesaler said that continuous selling by producers and slack retail demand amid enough stocks on hand kept overall volumes need-based. Arrivals at Vashi market were 57-58 truckloads (of 100 bags each) and the local dispatches were 59- 60 loads. On Monday evening, 14-15 mills offered tenders and sold 38,000-40,000 bags at ₹2,920-3,000 (₹2,920-3,000) for S-grade and ₹3,030-3,140 (₹3,030-3,140) for M-grade.

Bombay Sugar Merchants Association’s spot rates: S-grade ₹3,092-3,205 (₹3,096-3,205) and M-grade was ₹3,206-3,350 (₹3,212-3,350). Naka delivery rates: S-grade ₹3,030-3,080 (₹3,030-3,080) and M-grade ₹3,140-3,240 (₹3,140-3,240).