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SunSirs: Sales Improved, China Sugar Prices Increased

March 15 2024 13:43:10     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 6,656 RMB/ton, and the average price of domestic first grade white sugar on the weekend was 6,714 RMB/ton, with a price increase of 0.87%, an increase of 8.57% compared to the same period last year.

On the domestic side, the purchase price of raw sugarcane fields in various sugar mills in Hainan Province this crushing season has increased by 6% compared to the previous crushing season. The amount of sugarcane squeezed and produced has decreased by about 13% compared to the previous crushing season, resulting in a decrease in supply. Although domestic sugar is in a period of accumulation, due to the good sales rhythm, the inventory of sugar mills is at a historical low level. Overall, the supply has declined, and the price of raw materials has increased. In addition, the rebound in the external market has led to an increase in the price of white sugar.

On the foreign side, Brazil has exported 33 million tons and its domestic inventory is low; India and Thailand have reduced production less than expected at the beginning of the year, and it is highly likely that India will not export during this sugar production period. From April to May, we will focus on the production of new crops in Brazil, with expectations of a reduction in production.

The domestic production season has not yet ended, and sugar factories are in the stage of accumulating inventory from March to April. The market supply is still loose, and there is no sign of improvement in demand. It is expected that the price of white sugar will mainly fluctuate weakly in the short term.


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