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Higher production, surplus stock and over supply kept sugar market bearish on Monday. Routine local demand prices at Vashi declined by ₹10-20 a quintal in line with producers selling at ₹10 lower. Naka rates were steady. At mill level, prices declined by over ₹200-250 per quintal and still remained under pressure, said analysts. Arrivals at Vashi were 57-58 truck loads and local dispatches were 55-56 truck loads. Freight rates were steady. On Saturday Maharashtra’s 18-20 mills sold about 45,000 bags at ₹2,540-2,640 for S-grade and ₹2,640-2,770 for M-grade. On Bombay Sugar Merchants Association's spot rates were: S-grade ₹2,706-2,820 and M-grade ₹2,800 – ₹3,000. Naka delivery rates were: S-grade ₹2,600– 2,700 and M-grade ₹2,700-2,900.
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