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Sugar prices on the Vashi wholesale market ruled steady on Tuesday, after a fortnight of bearish mood in the market. At present, price-level mills are unwilling to sell to avoid losses. On the other hand, better demand for Holi and summer supported the market. Local demand is need-based though. prices may move up once buying by stockists improves, said traders.
On Tuesday, spot rates declined by Rs 3-4 for normal and quality sugar. Naka and tender rates were steady. Traders are expecting good demand for sugar in the coming days. Traders in Madhya Pradesh, Gujarat, Uttar Pradesh, Rajasthan and West Bengal will increase buying in Maharashtra for summer. Low prices are giving the mills a hard time.In the last three months, tender rates for S-grade fell to Rs 2,620-2,630.
Local dispatches were 50-52 truck loads (100 bags each) and arrivals 48-50 truckloads. About 11-12 mills offered tenders and sold about 65,000-70,000 bags (of a quintal each) at Rs 2,645-2,690 for S-grade and Rs 2,700-2,745 for M-grade.
Bombay Sugar Merchants Association's spot rates: S-grade Rs 2,790-2,831 (Rs 2,786-2,835) and M-grade Rs 2,820-2,901 (Rs 2,826-2,901).
Nakadelivery rates: S-grade Rs 2,750-2,770 (Rs 2,750-2,770) and M-grade Rs 2,800-2,840 (Rs 2,800-2,840).
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