SunSirs: Stock Up Ended, Sugar Prices Fell in China
September 22 2023 13:38:45 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 7,538 RMB/ton, while the average price of domestic first grade white sugar at the weekend was 7,520 RMB/ton, a decrease of 0.24% in price and a 30.54% increase in price compared to the same period last year.
The spot sugar prices in domestic production and sales areas have decreased, with prices ranging from 30 to 80 RMB/ton in Nanning, Kunming, and Zhanjiang. Urumqi and Inner Mongolia currently have no sugar quotes, waiting for the new squeezing season to start; The sales areas of Shanghai, Bayuquan, Chengdu, and Rizhao fell between 20 to 60 RMB/ton, while the sales volume of the production area group was relatively low, with low inventory and average purchasing and sales enthusiasm in the sales area.
As of the second half of August, Brazil's cumulative sugar production was 26.146 million tons, an increase of 4.364 million tons from 21.782 million tons in the same period last year, a year-on-year increase of 20.03%. On the Thai side, due to water scarcity in the main production areas, it is expected that the sugarcane production in Thailand during the 2023/2024 crushing season will decrease from 93.9 million tons this season to 82 million tons.
The stocking of the white sugar market has ended, with high import costs and weak inventory of aged sugar in China. The concentrated extraction of domestic sugar will alleviate the tight supply situation, and it is expected that there is limited room for the price of white sugar to fall.
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