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Sugar prices on the Vashi market ruled steady on Thursday. Weak demand after Diwali and increased selling pressure continued to drag prices, which fell by Rs 10-15 a quintal at mill level.
Naka rates were unchanged for the sixth consecutive day with routine activities. Jagdish Rawal of B. Bhogilal & Co said: “Ample surplus stocks at mill and market level and continuous supply from producers kept sugar prices under pressure and there are no signs of recovery yet as world sugar market is also bearish."
Despite delay in crushing due to cane price dispute, the market is under pressure. The Vashi market carries about 120 truckloads of inventory, forcing stockists to have only hand-to-mouth commitments, he said.
Sources said that freight rates were steady. Arrivals in Vashi market were 58-60 truckloads (of 100 bags each), while dispatches were 55-56 loads.
On Wednesday evening, about 11-12 mills offered tenders and sold 33,000-35,000 bags at Rs 10 lower at Rs 2,690-2,820 (Rs 2,700-2,830) for S-grade and Rs 2,860-2,990 (Rs 2,860-3,000) for M-grade.
The Bombay Sugar Merchants Association's spot rates were: S-grade Rs 2,862-2,991 (Rs 2,862-2,995) and M-grade Rs 3,012-3,232 (Rs 3,016-3,232). Nakadelivery rates were: S-grade Rs 2,825-2,900 (Rs 2,825-2,900) and M-grade Rs 2,890-3,110(Rs 2,890-3,110).
Uttar Pradesh rates were: Muzzafarnagar Rs 3,225.
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