SunSirs: Inventory Reduction, China Sugar Price Increases
March 27 2024 15:18:06 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 6,742 RMB/ton, and the average price of domestic first grade white sugar on the weekend was 6,752 RMB/ton, with a price increase of 0.15% and a price increase of 10.00% compared to the same period last year.
On the domestic side, due to lower than expected production and a year-on-year increase in sales, the inventory of sugar factories has decreased, the production and sales ratio has increased, and the spot pressure is relatively low. The quantity of imported sugar and syrup has increased significantly, and currently, domestic sugar is at a peak in supply, with sufficient supply of various sugar sources. The overall performance of white sugar prices this week is strong.
On the foreign side, Brazil exported 1.5771 million tons of sugar and molasses in the first three weeks of March, with a daily average export volume of 143,400 tons, an 80% increase from the daily average export volume of 79,500 tons for the entire month of March last year. Brazil's sugar export volume is still relatively large, with signs of slowing year-on-year growth.
The domestic supply of white sugar is sufficient, coupled with positive market transactions, 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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