SunSirs: Market Game, High Sugar Price Fluctuation in China in July
August 03 2023 09:28:13 SunSirs (Selena)
According to the Commodity Market Analysis System of SunSirs, the average price of first grade white sugar at the beginning of this month was 7,150 RMB/ton, and at the end of the month, the average price of first grade white sugar was 7,160 RMB/ton, with a price increase of 0.14% and a price increase of 22.02% compared to the same period last year.
At present, the spot price of domestic sugar is still very strong, as the domestic supply pattern has not yet changed. July and August are key time points for demand. China imported 40,000 tons of sugar in June, a year-on-year decrease of 100,000 tons. In the first half of 2023, China imported a total of 1.1 million tons of sugar, a year-on-year decrease of 660,000 tons. As of the end of June during the 2022/2023 squeezing season, China had imported 2.87 million tons of sugar, a year-on-year decrease of 730,000 tons.
The sugar production in the main production areas of central and southern Brazil increased by 8.86% year-on-year in early July. The increase in supply has put pressure on the periodic trend of international sugar prices, and in the short term, the sugar price trend will still be under pressure from the acceleration of Brazil's squeezing, with limited upward space. However, currently, El Ni ñ o has been confirmed, and the weather will bring many uncertainties to the market.
Brazil's sugar production has increased year-on-year, and the domestic supply and demand are tight; It is expected that the price of white sugar in the Spot market will mainly fluctuate at a high level in the short term.
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