SunSirs: Weak Demand, Sugar Prices are Falling in China
September 15 2023 10:59:07 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 7,566 RMB/ton, and the average price of domestic first grade white sugar at the end of the week was 7,550 RMB/ton. The price decreased by 0.21%, and the price increased by 31.17% compared to the same period last year.
The price of spot white sugar has declined, and although inventory is at a lower level, the price is too high, leading to less active downstream demand for goods. Domestic sugar is gradually being squeezed, while foreign imports to Hong Kong are increasing. The supply side of white sugar tends to be loose, which brings some pressure on prices.
At present, sugar factories have cleared their warehouses, and the supply pressure is gradually increasing. Starting from September, China may enter a state of tight balance or slight gap. However, in mid September, beet sugar may be squeezed ahead of schedule to make up for the domestic supply and demand gap. It is also necessary to continue to pay attention to the sales situation of national sugar reserves and the import situation of syrup and premixed powder.
The price of white sugar in the market is too high, and downstream delivery is not active. It is expected that the price of white sugar will mainly fluctuate at high levels.
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