SunSirs: Demand Weakens, China Sugar Prices Fell in November
November 30 2023 14:48:02 SunSirs (Selena)
According to the commodity market analysis system of Shengyishe, the average price of first grade white sugar at the beginning of this month was 7,258 RMB/ton, and at the end of the month, the average price of first grade white sugar was 7,204 RMB/ton, a decrease of 0.74% in price, and an increase of 27.10% compared to the same period last year.
On the domestic side, Guangxi's new sugar is gradually going public, and the price of new sugar is currently around 6,900 RMB/ton. There is not much inventory in the southern market, and the import volume was large in October. Downstream demand is weak, and the willingness to purchase is not strong. After the increase in crushing volume in December, the pressure on sugar prices will increase.
The congestion at Brazilian ports has eased in November. According to data from Brazilian shipping agencies, as of November 16th, the number of ships waiting to load sugar at Brazilian ports was 117, compared to 127 in the previous week. The amount of sugar waiting to be shipped at the port is 5.543 million tons, compared to 6.3849 million tons in the previous week. Among the total amount of sugar waiting to be exported that week, the amount of high-grade raw sugar is 5.3259 million tons.
Domestic transactions are weak, and downstream delivery capacity is insufficient. It is expected that the spot sugar market price will mainly experience a slight decline in the short term.
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