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Sugar market collapsed on desperate selling by mills on reports that the Food Ministry has no immediate plans to give subsidy to cane growers for bailing out sugar producers. Prices at Vashi came down by ₹40-80 per quintal. Naka rates were down by ₹50-80. On Wednesday evening, Maharashtra’s 15-16 mills sold hardly 18,000-20,000 bags at ₹2,700-2,750 for S-grade and ₹2,760-2,880 for M-grade. The Bombay Sugar Merchants Association’s spot rates: S-grade ₹2,850-3,082 and M-grade ₹2,900-3,230. Naka delivery rates: S-grade ₹2,800-2,900 and M-grade ₹2,900-3,000. Our Correspondent
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