SunSirs: Adequate Supply, China Sugar Prices Decline
January 16 2024 09:38:51 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 6,694 RMB/ton, a decrease of 0.15% in price, and an increase of 16.26% compared to the same period last year.
In the domestic market, processed sugar and new sugar have been launched one after another, and Guangxi sugar factories have fully exploited them. In addition, imported sugar sources have gradually arrived at the port, and the market has a stage of abundant supply. We are currently in the stocking period for the Spring Festival, but as the Spring Festival approaches, demand will weaken and continue until the peak demand season in summer. It is expected that the space above Zhengtang is limited, and the cost of new sugar is high this year. It is expected that the first line support for Guangxi's sugar production cost zone of 6,000-6,200 will also be strong.
In 2023/2024, Thailand is expected to produce 8-8.5 million tons of sugar, a decrease of about 25% from the previous year. In terms of industry, the production of white sugar in the northern hemisphere is currently at its peak. However, the Thai government has been controlling its domestic sugar prices and exports since November 2023, and it is unclear when the ban will be lifted.
New sugar is concentrated on the market, with relatively loose supply and weak downstream transactions. It is expected that the price of white sugar will mainly fluctuate weakly in the short term.
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