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Continuous selling by mills and sufficient supply kept sugar prices steady at all levels for the fifth consecutive day. Despite the holy Sravana month, demand from wholesalers and retailers remained subdued.
On the other side, producers were under pressure to sell the commodity at prevailing rates due to surplus stocks. Local dispatches were at par keeping spot and naka rates unchanged. Some mills sold M-grade ₹10 lower on lack of demand. Morale was steady on expectation of hike in minimum selling price.
Arrivals at Vashi were 38-40 truck loads (each of 10 tonnes) and local dispatches were 39-40 truck loads. Inventory at Vashi was 90-95 truck loads. Freight rates were hovering at ₹85-100 per bag.
Tuesday evening, 19-20 mills offered tenders and sold 38,000- 40,000 bags at ₹3,150-3,250 (₹3,150-3.250) for S-grade and ₹3,240-3,330 (₹3,250-3,340) for M-grade.
Bombay Sugar Merchants Association’s spot rates were (₹/quintal): S-grade ₹3,322-3,382 (₹3,322-3,382) and M-grade ₹3,420-3,602 (₹3,410-3,602).
Naka delivery rates were (₹/quintal): S-grade ₹3,250-3,320 (₹3,250-3,320) and M-grade ₹3,410-3,460 (₹3,410-3,460).
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