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Sugar prices declined by ₹10-20 a quintal for fair quality on the Vashi wholesale market on Friday on slack demand amid ample supply. Producers continued offloading the commodity at current price in the absence of support from neighbouring States. Export chances are also bleak due to lower global prices. Mill tender rates steady for fourth consecutive day as demand was lacklustre. Naka rates were mixed. An observer said that since supply was ample in the local market, stockists kept away from building up new inventories. On the other hand, absence of upcountry buying and demand from exporters, producers are continuously selling in local markets. Meanwhile, sugar exports have slowed after domestic prices climbed to a 15-month high and as a delay in announcement of export incentives deters traders. Arrivals at Vashi market were around 58-60 truckloads (of 100 bags each) and the local dispatches were 55-56 loads. On Thursday evening, about 19-20 mills offered tenders and sold 39,000-40,000 bags at ₹2,970-3,130 (₹2,970-3,130) for S-grade and ₹3,120-3,280 (₹3,120-3,280) for M-grade.
The Bombay Sugar Merchants Association’s spot rates: S-grade ₹3,170-3,242 (₹3,176-3,290) and M-grade was ₹3,280-3,472 (₹3,312-3,472). Naka delivery rates: S-grade ₹3,090-3,150 (₹3,100-3,160) and M-grade ₹3,250-3,370 (₹3,200-3,350).
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