India waits for higher world sugar prices to conclude export agreements (ISMA)

Indian sugar factories are still waiting for global sugar prices to rise before entering into new export deals, industry body ISMA said on Monday.

Due to the fall in world raw sugar prices, few export contracts have been concluded in the last month or so, beyond the 38-40 tonnes per lakh of export contracts which have already been signed, a he said in a press release.

“With almost nine months remaining in the current season, factories are still waiting for the opportune moment to conclude further export contracts,” added the Indian Association of Sugar Mills (ISMA).

During the October-November period of the current 2021-22 season, the sugar factories exported over 6.5 lakh ton of sugar, which is over 3 lakh ton in the period of the previous year.

In the domestic market, ISMA said factories sold 47.50 lakh ton of sugar from October to November, against the government-set sales quota of 46.50 lakh ton for the same period.

Total sugar production reached 115.55 lakh ton during the two months under review, compared to 110.74 lakh ton a year ago.

The precipitation operation is underway in the sugarcane producing states.

(Only the title and image of this report may have been reworked by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)

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