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Sugar ruled steady all levels on Wednesday after rising by ₹20-30 per quintal the previous day on talk of an increase in the minimum selling price (MSP) by ₹200.
Mills are carrying heavy surplus stocks of over 140 lakh tonnes despite a dip in cane crushing with lower sugar production at 272 lakh tonnes this year. Market activities were limited on need-based local and bulk demand. Export demand continued to support little.
Prafull Vithlani, President of the All India Sugar Trade Association (AISTA ), said that till July 3, domestic mills have dispatched a total about 49 lakh tonnes for exports including 24 lakh tonnes raw sugar, 20 lakh tonnes whites and 1.32 lakh tonnes refined. With a 24 per cent share and at 10.65 lakh tonnes, Iran remained the top buyer of Indian sugar.
Arrivals at Vashi were 40-42 truck loads (each of 10 tonnes) and local dispatches were 38-40 truck loads. The inventory at Vashi was about 84-85 truck loads. Freight rates were steady at ₹80-100 per bag.
On Tuesday evening, 17-18 mills offered tenders and sold about 44,000-45,000 bags at ₹3,160-3,250 (₹3,160-3,250) for S-grade and ₹3,260-3,370 (₹3,260-3,370) for M-grade.
Spot rates on the Bombay Sugar Merchants Association were (₹/quintal):
S-grade ₹3,332-3,382 (₹3,342-3,382) and M-grade ₹3,400-3,602 (₹3,400-3,602).
Naka delivery rates were (₹/quintal): S-grade ₹3,310-3,360 (₹3,310-3,360) and M-grade ₹3,400-3,500 (₹3,400-3,500).
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