Sugar Prices Drop On Mounting Stocks New Delhi, Sep 12 (PTI) Amid ample stocks against limited offtake, sugar prices came down sharply by up to Rs 70 per quintal at the wholesale market in the national Wednesday. Marketmen attributed a steep fall in the prices to huge stock positions following increased supplies, driven by record output. Besides, absence off necessary offtake by stockists and bulk consumers, too, weighed on prices, they added. Meanwhile, country’s ouput reached at record 32 million tonnes in the 2017-18 season (October-September). Sugar ready M-30 and S-30 prices plunged by Rs 70 each to finish the day at Rs.3250-Rs.3440 and Rs.3240-Rs.3430 per quintal. Sugar mill delivery M-30 and S-30 prices too fell by Rs 60 each to Rs.3040-Rs.3210 and Rs.3030-Rs.3200 per quintal. In the mill gate section, sugar Dhampur declined the most by Rs 65 to Rs.3050 per quintal. Sugar Sakoti and Modinagar dipped by Rs 55 each to close at Rs.3070 and Rs.3075, while Budha
Posts
- Get link
- Other Apps
Sugar Output May Fall Marginally As Govt Hikes Procurement Price Of Ethanol India’s sugar production in the coming 2018-19 season, which starts next month, is likely to be 0.7-0.8 million tonnes less than its estimated total, because of government’s recent decision to incentivise the production of ethanol from intermediary molasses and sugarcane juice. Though the drop compared to the estimated 35.5 million tonnes of sugar production looks miniscule, industry players say this is just the beginning and more quantities would get diverted over the years as mills add new production capacities. However, the figure might go up if more mills start producing ethanol as the Union cabinet, in a meeting on Wednesday, raised the procurement price of ethanol produced from B-heavy molasses (also called as intermediary molasses) to Rs 52.43 a litre from the current Rs 47.13 a litre, and that produced directly from sugarcane juice to Rs 59.13 per litre from the existing Rs 47.13 per litre. F
- Get link
- Other Apps
Brazil, Australia To Fight Any Indian Sugar Export Subsidy SAO PAULO (Reuters) – Brazilian and Australian sugar industry groups have joined forces and are working together with their respective governments to prepare a formal complaint to the World Trade Organization (WTO) over any possible sugar export subsidy by India, a top Brazilian sugar official told Reuters. Eduardo Leão, executive director at Brazil’s cane industry group Unica, said in an interview that Brazil and Australia view any subsidy by India, set to take over as the world’s largest sugar producer this year, as a grave threat to a recent price recovery. Leão told Reuters late on Tuesday that the two countries reached a consensus regarding the need to act at WTO level if India moves to award sugar producers with a export subsidy. Analysts and sugar traders are expecting such a move by India as the country would be willing to put in the market a large local surplus built after a record crop this year, and amid ex
Maharashtra Sugar Mills Seek Concessions To Pay FRP In 2 Installments Next Season
- Get link
- Other Apps
Maharashtra Sugar Mills Seek Concessions To Pay FRP In 2 Installments Next Season The West Indian Sugar Mills Association (WISMA) has approached the state government, seeking concessions in the payment of Fair and Remunerative Price (FRP) in two instalments, instead of paying farmers in a lump sum amount in the coming sugar season. With FRP still pending for the sugar season of 2017-18, some of the factories have had their assets sealed to enable cane payments. Around 51 sugar factories in Maharashtra still owe farmers to the tune of Rs 437 crore and at least Revenue and Recovery Certificate (RRC) notices have been issued to at least 22 factories. Under pressure, factories have made payments of Rs 391 crore and four sugar mills are yet to make payments. It is now binding on factories to make a one-time single FRP payment even if the factories do not have necessary funds and do not get the necessary prices from the market. According to BB Thombre, president, WISMA, sugar mills
Govt Notifies Sugar Export Quota To EU At Concessional Rates
- Get link
- Other Apps
Govt Notifies Sugar Export Quota To EU At Concessional Rates New Delhi, Sep 7 (PTI) The government has fixed an export quota of 10,000 tonne of white/raw sugar to the European Union (EU) under a provision for a 12-month period beginning October. The Director General of Foreign Trade has said it has allocated “a quantity of 10,000 tonne of raw and/or white sugar under CXL concessions to the EU for the period October 2018 to September 2019”. As per a provision of EU regulation, the release of sugar under this concession is subject to the presentation of a Certificate of Origin issued by the competent authority. Availing the CXL concessions on export to the EU, traders can export sugar at relatively low or zero customs duty. The certificate of origin would be issued by the additional DGFT, Mumbai. The directorate notifies this quantity of sugar every year.