Two weeks since India allowed export of one million tonnes (mt) of sugar, only a negligible quantity has been shipped out of the country so far. This is in view of sugar mills seeking higher prices in view of an increase in domestic prices.
“The trading (export) has been slow as mills are expecting higher prices. Domestic prices are rising as latest estimates by various associations have pegged sugar production lower,” said Dilip Patil, Managing Director of Samarth SKK Ltd and chairperson of Sugar Bioenergy Forum.
Though not many export transactions have taken place, many mills have sold their export license at prices over ₹44,000 ($505) a tonne.
Indian quotes
Some 3 lakh tonnes of sugar has been traded for exports with 2.3 lakh tonnes by Uttar Pradesh mills. “Mills in Maharashtra, Karnataka and other States have traded 70,000 tonnes,” said Rahil Shaikh, Managing Director, MEIR Commodities (India).
