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SunSirs: Decrease in Demand, Chinese Sugar Prices Stabilize

August 10 2020 09:50:33     SunSirs (Linda)

According to the monitoring of SunSirs, the average price of first-level sugar was RMB 5,680/ton last week, and the average price of first-level sugar was RMB 5,680/ton last week. The price was stable.

Market analysis

According to the China Sugar Association, the sugar production in the 2019/20 sugar production period has all ended. During the sugar production period, the country produced a total of 10.4151 million tons of sugar (10.760 million tons of sugar during the same period in the upper sugar period), which was 350,000 tons less than the same period in the upper sugar period, of which 9,022,300 tons of cane sugar were produced. During the same period, the production of cane sugar was 9.445 million tons); the production of beet sugar was 1.3928 million tons (1.3154 million tons of beet sugar was produced during the same period in the sugar production period).

According to data released by the customs, China imported 410,000 tons of sugar in June 2020, a year-on-year increase of 270,000 tons, which is a record high for the same period in history. As of the end of June in the 2019/20 crushing season, a total of 2.22 million tons of sugar was imported, an increase of 310,000 tons over the same period last year.

At the domestic level, under the potential pressure brought by imported sugar and other factors such as the epidemic situation and low consumption season, the domestic sugar sales are relatively flat, the speed of destocking is slow, and there is no strong support on the import cost side. The domestic price of Zheng sugar has risen. Hinder. However, the current price is not high, even slightly lower than the cost line of Guangxi Sugar Factory, so the space below is relatively limited.

According to data from the Marbang Sugar Industry Committee, the 144 sugar mills in Mabang crushed 55.01 million tons of sugarcane during this season and produced 6.617 million tons of sugar. As of June 30, 98% of sugarcane funds have been settled. Large, free export rhythm, or will boost raw sugar prices.

Outlook forecast

SunSirs sugar analysts believe that the production of the 2019/20 season has now ended. In addition to digesting the sugar factory inventory, the later supply depends on the processing of imported sugar. The sugar factory inventory is low from August to October. The trend is dominated by strong shocks.

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