3 lakh tonnes of refined sugar to enter market
Govt had allowed duty-free import of 10 lakh tonnes of raw sugar and also allowed the processors to sell some refined sugar, which was meant for export only, in the domestic market. Officials and industry insiders said at least 3 lakh tonnes of processed sugar could come into the market quickly. The subsequent import of 10 lakh tonnes of raw sugar will help tide over any supply issue. Meanwhile,…
Indian sugar refiners have around 3-3.5 lakh tonnes of refined sugar, which is expected to enter the domestic market, potentially lowering prices, according to recent government decisions. On last week, the government permitted duty-free import of 10 lakh tonnes of raw sugar and granted permission to processors to sell refined sugar, initially designated for export, in the domestic market.
Insiders and officials claim that at least 3 lakh tonnes of processed sugar could quickly reach the market, addressing any supply issues.
Simultaneously, the ex-mill price of sugar has dropped by 20% in the past ten days. Industry sources and officials assert that the ex-mill price in Kolhapur declined to Rs 48 per kg last Wednesday and was approximately Rs 53 a kg in Uttar Pradesh. An official explained that a surge in ex-mill prices from Rs 48 per kg to Rs 58-60 per kg in a short time indicates speculation and stocking as the primary reasons for the price increase, with no shortage.
Deepak Ballani, the director general of the Indian Sugar Mills Association, the nation's leading sugar industry body, stated that government measures to rationalize sugar prices have begun to yield results. "In recent days, ex-mill sugar prices have decreased by nearly 20%, and we anticipate this reduction to be reflected in retail prices shortly. There is sufficient availability of sugar in the country, and consumers will obtain the commodity at reasonable prices during the upcoming festive season," he added.
Wednesday, the average retail price of sugar was Rs 65 per kg.
Written by urgent.news from Times of India's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
