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SunSirs: China's White Granulated Sugar Market has Sufficient Supply and Prices have Fallen
November 09 2020 10:07:40SunSirs(Linda)

According to the monitoring of SunSirs: last week, the average price of first-grade sugar was 5640 yuan/ton, and the average price of first-grade sugar was 5626 yuan/ton on weekends, which was a 0.24% drop.

Market analysis

At present, the production of beet sugar is at its peak. In mid-November, Guangxi will gradually start squeezing, and the supply of new sugar will gradually increase. During the week of October 24-30, 840,000 tons of sugar beets were pressed in the north, producing 102,600 tons of sugar (90,500 tons in the same period last year). As of October 23, the domestic squeezed sugar beet was 3.06 million tons (3.9 million tons in the same period last year), and the sugar production was 368,400 tons (393,700 tons in the same period last year).

In terms of inventory, as of the end of September 2020, the country’s cumulative total inventory of white sugar was 8,881,400 tons, an increase of 9.9% compared to the same period last year, and a decrease of 4.70% from the previous month. Various types of inventory performed differently. Among them, commercial inventory was 956,300 tons, an increase of 99,200 tons from the previous month; As of September, the new domestic industrial inventory of white sugar was 566,200 tons, a decrease of 59.40% from the previous month and an increase of 59.9% year-on-year, mainly in Guangxi and Yunnan. In September, the new inventory of white sugar dropped significantly, but with the end of the peak consumption season in October , Market consumption is gradually weakening, and the advantage of low inventory is gradually weakening.

Brazil exported 3.62 million tons of sugar in September, an increase of 111% year-on-year, which once again broke the export record for this season, and also the highest monthly export volume since October 2012. Brazil's 20/21 crushing season from April to September exported a total of 17,848,300 tons of sugar, a year-on-year increase of 87.57%.

Post prediction

Under the current background of diversified sugar sources, domestic sugar competition is becoming more and more intense.

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