Business Daily from THE HINDU group of publications
Monday, Aug 21, 2006
Business Daily from THE HINDU group of publications Monday, Aug 21, 2006 |
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Agri-Biz & Commodities
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Sugar Industry & Economy - Exports & Imports States - Tamil Nadu Export of molasses begins in TN R. Balaji
Chennai , Aug. 20
Molasses export from Tamil Nadu has commenced over the last one week following the mill-wise quotas granted by the State Government. Traditionally, the Government discourages export of molasses as it is needed as a raw material for the liquor and chemical industries. After a gap of five years the State Government has permitted sugar mills to export molasses - to move it out of the State and to sell to exporters. Sugar mills faced a glut in molasses because of unprecedented sugarcane crushing in the 2005-06 season (well in excess of 200 lakh tonnes), and were in for a loss in revenue. There was also the risk of environmental hazard as molasses needs to be stored in steel-lined tanks. Molasses production in the State was estimated at around 9 lakh tonnes. In July-end the Government permitted private sector mills to export 1.13 lakh tonnes molasses and the cooperative sector mills to export 51,000 tonnes. Earlier this week, it granted mill-wise quotas. The cooperative mills are expected to soon call for tenders. The private sector mills have concluded deals in the range of Rs 1,000 - 1,250 a tonne. A significant jump at a time when there were no takers for molasses at Rs 300 a tonne last week. Depending on the buyers, the stocks could move to European countries, the Far East or the neighbours in the subcontinent. While the quantities released will not have an impact in the international market, it will have a significant impact in the local markets, an exporter said.
Related Stories: More Stories on : Sugar | Exports & Imports | Non-conventional Energy | Tamil Nadu
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