According to the monitoring of the commodity market analysis system of SunSirs, the average price of first grade white sugar in China was 5496 RMB/ton at the beginning of last week, and 5450 RMB/ton over the weekend, with a price drop of 0.85%. last week

Domestically, Guangxi has made good progress in the extraction process, with old sugar already cleared from inventory and new sugar gradually increasing in volume, gradually dominating spot pricing. In October, 750000 tons of sugar were imported, a year-on-year increase of 39.7%. Currently, the cost of imported sugar is relatively low, and profit margins have expanded. However, due to the impact of international supply surplus expectations, it is still under pressure. As of the end of November, Yunnan's industrial inventory for the 2025/2026 crushing season was 12600 tons, an increase of 6700 tons year-on-year; Guangxi's industrial inventory was 44500 tons, a year-on-year decrease of 182900 tons.

Internationally, there is an expected oversupply. In the first half of November, Brazil's central and southern regions produced 983000 tons of sugar, an increase of 8.7% year-on-year, with a sugar production ratio of 38.6%. The cumulative sugar production was 39.179 million tons, an increase of 2.09% year-on-year. Indian sugar mills have started large-scale crushing, producing 4.135 million tons of sugar as of the end of November, a year-on-year increase of 49.81%. The crushing progress has accelerated comprehensively, putting pressure on sugar prices. However, the low sugar prices have made it difficult to fulfill India's export quotas for the new crushing season, and it is expected that the actual export volume will shrink, providing support for sugar prices.

The domestic crushing season will be fully launched, and new sugar will be launched one after another, gradually dominating the domestic supply. In the short term, it is expected that white sugar will mainly fluctuate and weaken.

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