SunSirs: China Sugar Prices Fall in Off-season
February 27 2024 09:57:01 SunSirs (Selena)
According to the monitoring of the commodity market analysis system of SunSirs, the average price of domestic first grade white sugar was 6,780 RMB/ton at the beginning of last week, and the average price of domestic first grade white sugar was 6,752 RMB/ton at the end of last week, a decrease of 0.41% in price, and an increase of 14.13% compared to the same period last year.
After the Spring Festival, sugar consumption has entered the traditional off-season, and the import volume of sugar in the first quarter will also be at a low level within the year, leaving a time window for the sales of domestic white sugar. As of the end of January 2024, a total of 5.8676 million tons of sugar were produced nationwide during the 2023/2024 squeezing season, with a total sales volume of 3.1171 million tons nationwide, a cumulative sugar sales rate of 53.12%. The inventory of the sugar industry is 2.7505 million tons, a year-on-year decrease of 550,000 tons, at the lowest level in nearly five squeezing seasons.
As of February 15th, India's sugar production was 22.36 million tons, a decrease of 2.48% compared to the same period in the previous crushing season, with a significant narrowing of the reduction in production, which was bearish for the market. As of January 31, the cumulative sugar production in India during the 2023/2024 crushing season was 18.72 million tons, compared to 19.5 million tons in the same period of the 2022/2023 crushing season, a decrease of 780,000 tons year-on-year and a decrease of 4% year-on-year in the same period of the previous crushing season.
Domestic white sugar is in the off-season of consumption, and it is expected that the price of white sugar will mainly fluctuate weakly in the short term.
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