SunSirs: Light Deal, China Sugar Price drops
August 08 2023 10:23:54 SunSirs (Selena)
According to the monitoring of the commodity market analysis system of SunSirs, the average price of domestic first grade white sugar at the beginning of the week was 7,160 RMB/ton, and the average price of domestic first grade white sugar at the weekend was 7,146 RMB/ton, with a price increase of 0.20%, and a price increase of 21.61% compared to the same period last year.
As of July 31, Yunnan Province has sold a total of 1.6136 million tons of new sugar (1.0926 million tons of new sugar sold in the same period last year), with a production and sales rate of 80.24% (56.28% in the same period last year), an increase of 23.96% compared to the same period last year. Among them, the monthly sales in July were 153,400 tons (115,900 tons of sugar sold in the same period last year); Industrial inventory reached 397,400 tons, a year-on-year decrease of 451,300 tons.
It is expected that India's sugar production in 2023/2024 will decrease by 3.41% year-on-year to 31.68 million tons, as more sugarcane is used to produce ethanol. It is expected that India's sugar production in 2022/2023 will be 32.8 million tons. It is expected that 4.5 million tons of sugar will be converted into ethanol production in 2023/2024, compared to 4.1 million tons in the previous year.
The domestic supply pattern has not yet changed, with high prices suppressing some demand and an increase in the proportion of imported syrup squeezing out some markets. It is expected that white sugar will mainly fluctuate at high levels.
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