SunSirs: Price Increase of China White Sugar for Stocking before Spring Festival
January 08 2024 15:02:13 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 6,704 RMB/ton, and the average price of domestic first grade white sugar on the weekend was 6,712 RMB/ton, with a price increase of 0.12%, which is 16.33% higher than the same period last year.
On the domestic side, Guangxi sugar factories are fully operating and importing sugar sources are gradually arriving at the port, resulting in a stage of abundant supply in the market. At present, we are in the expectation of stocking up for the Spring Festival. As the Spring Festival approaches, the available time for procurement is gradually shortening. Currently, the market is in urgent need of procurement, and the demand from traders and terminal buyers to replenish inventory on dips has supported the recovery of spot transactions. However, sales are not as good as market expectations, and it is expected that sugar prices may maintain a narrow range of fluctuations in the short term.
According to data from the Confederation of Sugar Factories of India (NFCSF), as of December 31, 511 sugar factories in India have started crushing work for the 2023/2024 season, producing a total of 1,222.64 million tons of sugarcane and 112.1 million tons of sugar. In contrast, 514 sugar mills squeezed 13.2055 million tons of sugarcane in the same period last year, with a sugar production of 121.35 million tons. However, strong production in the central and southern regions of Brazil has suppressed the rise in sugar prices.
The domestic market transactions have improved, and it is expected that the price of white sugar will mainly fluctuate and tend to be strong in the short term.
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