SunSirs: Consumption Off-season, China Sugar Prices Drop
November 21 2023 14:20:24 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 7,254 RMB/ton, and the average price of domestic first grade white sugar at the end of the week was 7,270 RMB/ton. The price decreased by 0.25%, and the price increased by 26.66% compared to the same period last year.
The domestic inventory of aged sugar is low, and the loss margin outside the quota is still deep, which suppresses import enthusiasm. Coupled with the expectation of India and Thailand prohibiting exports next year, it supports sugar prices. Currently, the domestic consumption is in the off-season, and domestic sugar beets and sugarcane are entering the squeezing period. The market is focusing on the pace of sugar factory extraction and the expected changes in sugar production in the new season.
During the 2023/2024 squeezing season, the cumulative sugar production in Brazil's main production areas reached 37.22 million tons, an increase of 22.65% year-on-year, mainly due to the increase in sugarcane harvesting and the reduction in ethanol production to increase additional sugar production. The proportion of sugarcane used for sugar production has increased from 45.83% in the same period of the previous pressing season to 49.39%.
Domestic consumption is light, and new sugar has not yet been listed. It is expected that the price of white sugar will mainly fluctuate at high levels in the short term.
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