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Sugar prices at mill level dropped below ₹2,100/quintal level late evening after witnessing a steady trend as some producers sold the commodity at a discount. Prices on the Vashi market ruled steady except M-grade which declined by ₹18. Naka rates were unchanged. Mill tender rates eased by ₹5-10.Sources said continuous supply continuous supply from mills, enough stocks at market level, need base local demand, lack of upcountry lifting, absence of exports and prices at other producing centres ruling par with Maharashtra continue to weigh on sentiments limiting volumes. Ample supply kept stockists away from bulk buys. Arrivals remained stable at 58-60 truck loads and local dispatches were about 57-58 loads. On Wednesday evening, about 19-20 mills offered tenders and sold hardly 28,000-30,000 bags at ₹2,100-2,250 (2,125-2,250) for S-grade and ₹2,220-2,370 (2,225-2,380) for M-grade.
The Bombay Sugar Merchants Association’s spot rates: S-grade ₹2,246-2,471 (2,246-2,471) and M-grade ₹2,362-2,652 (2,380-2,652). Naka delivery rates: S-grade ₹2,210-2,280 (2,210-2,280) and M-grade ₹2,350-2,550 (2,350-2,550).
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