India weighs limited duty-free sugar imports to rein in record prices
Indian sugar prices have jumped 20% to a record high in August, with potential imports likely to support benchmark prices in London and New York.
India is contemplating limited duty-free sugar imports to address a surge in prices and supply constraints during the festival season from August to November. As the world's largest sugar consumer, India's imports could help stabilize benchmark prices in London and New York, while alleviating domestic pressures. Officials are exploring various measures, including reducing stockholdings, permitting limited imports, decreasing import duties, and adjusting monthly sugar allocations for domestic sales.
Wholesale sugar prices in Kolhapur, a key trading center in Maharashtra, have climbed nearly 20% since early August, reaching a record 5,350 rupees (USD 56) per 100 kg, despite ample domestic supplies. Local experts attribute the price hike to tight supplies and the need for imports to bolster stocks during the festival period. India is also considering curbing ethanol production to boost sugar output and curb prices.
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- India weighs limited duty-free sugar imports to rein in record prices freemalaysiatoday.com
