According to the SunSirs commodity market analysis system, the average domestic price of Grade I white sugar was 5,170 RMB/tonne at the beginning of the month and 5,190 RMB/tonne at the end of the month, marking a 0.39% increase.

Domestically, as of July 31, Guangxi had sold a cumulative total of 5.484 million tonnes of sugar, a year-on-year decrease of 12,100 tonnes; the production-to-sales ratio stood at 71.24%, down 13.77% year-on-year. In July 2026, my country imported 470,000 tonnes of sugar, a year-on-year decrease of 274,400 tonnes. From January to July 2026, cumulative sugar imports totaled 1.607 million tonnes, down 175,100 tonnes year-on-year. International sugar prices have surged strongly; currently, sugar imported outside the tariff-rate quota lacks a price advantage, leading to reduced import volumes, while the rise in international prices has driven up Zhengzhou sugar futures.

Internationally, during the second half of July of the 2026/27 crushing season, sugarcane crushing volume in Brazil's Center-South region reached 46.08 million tonnes, down 8.4% year-on-year, while sugar production fell by 17.6% to 3 million tonnes. Due to expectations of a strong El Niño, sugar production has declined in most major producing regions. Although Brazil is currently at the peak of its crushing season, a lower sugar-mix ratio (the proportion of cane used for sugar rather than ethanol) had previously suggested a potential downward revision in production; however, given the recent sharp rise in international sugar prices, the sugar-mix ratio in Brazil is highly likely to rebound.

Driven by the strong rise in international sugar prices, domestic sugar prices have also increased; white sugar prices are expected to maintain a fluctuating trend in the short term.

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