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Spot sugar prices on the Vashi wholesale market ruled steady on Monday with buying and selling remaining at nominal levels. Retail buying witnessed at the beginning of a new month lent support. The Centre on Monday declared 16.23 lakh tonnes of sugar as free sale quota for February.
Spot sugar prices were down Rs 5 in M-grade. Naka prices due to resale selling declined Rs 10-20. The February free sale quota of 16.23 lakh tonnes includes 13 lakh tonnes as normal, 0.23 lakh tonnes as sugar processed from imported raw sugar and 3 lakh tonnes of carry forward from January. With the start of new month and expected fresh retail demand, freight rates firmed up by Rs 5 a quintal in some producing areas. On Saturday evening, about 12/14 mills floated tender offers and sold about 35,000-38,000 bags of sugar in the range of Rs 2,710-2,750 for S-grade and Rs 2,740-2,790 for M-grade a quintals. Arrivals in the markets for two days were about 48-50 truckloads (each 100 bags) and local dispatches were about 52-53 truckloads. The Bombay Sugar Merchants Association rates were: Spot S-grade Rs 2,850-2,871 (Rs 2,850-2,876) and M grade Rs 2,872-2,931 (Rs 2,886-2,931). Naka delivery rates: S-grade Rs 2,790-2,820 (Rs 2,810-2830) and M-grade was Rs 2,820-2,880 (Rs 2,850-2,880).
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