SunSirs: Transaction Light, China Sugar Price Drops
March 08 2024 10:40:02 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 6,666 RMB/ton, and the average price of domestic first grade white sugar on the weekend was 6,656 RMB/ton, a decrease of 0.15% in price and an increase of 11.01% compared to the same period last year.
After the Spring Festival, sugar consumption is a traditional off-season, and the market transaction atmosphere is light. Recently, the production and sales of sugar have entered a period of accumulation in Guangxi and Yunnan. Guangxi's monthly industrial inventory in February was 2.831 million tons, a year-on-year decrease of 68,500 tons. The market is ready to purchase and use, and overall transactions are average.
Considering the production reduction factor during the 2023/2024 crushing season, the Indian government only allows 1.7 million tons of sugar to be used for the production of molasses ethanol, up from 3.8 million tons last year, helping to restore 1.9 million tons of sugar production. As of February 29th, there are still 466 sugar mills operating in India, an increase of 19 compared to the same period last year, with a sugar production of 25.538 million tons, a decrease of 310,000 tons or 1.20% compared to the same period last year, and the reduction in production is gradually decreasing.
Domestic white sugar is in the off-season of consumption, with average transactions. It is expected that the price of white sugar will mainly fluctuate weakly in the short term.
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