Sugar prices dropped by ₹10-20 a quintal on the Vashi wholesale market on Thursday on back of ample supply amid need-based demand. Higher selling at producer level at lower rates further pulled down the morale in spot and naka trade. Mill tender rates were down by ₹20 as millers continued offloading fair variety with discount to keep money on hand. Naka rates were unchanged. A Vashi base wholesaler said bearish trend extended as producers and stockists continued selling considering lower-than-expected demand. Arrivals and local dispatches remained stable. Ample stocks at Vashi market and ample supply from mills kept stockists away from fresh bets. Arrivals at Vashi market were 58-60 truckloads and local offtake was 55-56 loads due to lower demand. On Wednesday evening, 19-20 mills offered tenders and sold 48,000-50,000 bags at ₹2,900-3,000 (₹2,920-3,000) for S-grade and ₹3,010-3,140 (₹3,030-3,140) for M-grade.

Bombay Sugar Merchants Association’s spot rates: S-grade ₹3,066-3,195 (₹3,092-3,205) and M-grade was ₹3,196-3,350 (₹3,206-3,350). Naka delivery rates: S-grade ₹3,030-3,080 (₹3,030-3,080) and M-grade ₹3,140-3,240 (₹3,140-3,240).