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SunSirs: Sales are Light, China Sugar Prices are Falling

April 15 2024 15:10:24     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 6,784 RMB/ton, and the average price of domestic first grade white sugar on the weekend was 6,778 RMB/ton, a decrease of 0.09% in price and an increase of 4.61% compared to the same period last year.

On the domestic side, spot performance is weak, and terminal enterprises have weak transaction willingness. This crushing season is basically coming to an end, and the market is entering a pure sales stage. The pressure of accumulated inventory will gradually ease. As of the end of March, the sugar mills during the 2023/2024 sugar production period (hereinafter referred to as this sugar production period) have gradually harvested and squeezed sugarcane. During this sugar production period, a total of 9.5731 million tons of sugar were produced nationwide, an increase of 855,100 tons year-on-year, with a growth rate of 9.81%.

Internationally, the 2023/2024 crushing season in Brazil has basically ended, and production in India and Thailand has exceeded previous expectations. The supply and demand pattern during the 2023/2024 crushing season is gradually becoming more relaxed. Currently, Brazil's exports are smooth, and the transportation volume remains high. India is expected to continue its export ban in the short term. The current production volume of each major producer in the old pressing season is basically clear, and the market focus is shifting towards the new pressing season. The central and southern parts of Brazil have started a new crushing season production during the 2024/2025 crushing season, and the sugar production ratio is expected to remain high. Insufficient rainfall may lead to a decrease in production, but the overall probability of maintaining high yields is high.

Domestic sugar transactions fell short of expectations, and it is expected that sugar prices will mainly fluctuate weakly in the short term.


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