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Sugar prices remain nearly steady

26 Nov 2022 3:37 pm
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Mumbai, Nov 26 (Commoditiescontrol) Sugar prices stayed steady in the benchmark market of Mumbai on Wednesday amid subdued demand.

Sugar exports are likely to decline to 8-8.5 million tonne1 on-year in SS 2023 from an all-time high of 11.2 million tonne last season, despite production staying stable at 39.5-40.0 million tonne. This will be largely on account of two factors: one, higher diversion of sugar for ethanol blending (4.3 million tonne in SS 2023 compared with 3.5 million tonne in SS 2022); and two, maintaining sufficient carryover stocks of sugar for domestic consumption during the noncrushing season.

Bombay Sugar Merchants’ Rates:

S-30 at Rs 3442-3562 per quintal

M-30 at Rs 3530-3682 per quintal


Naka delivery rates:

S-30 at Rs 3420-34760 per quintal

M-30 at Rs 3450-3500 per quintal


       
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