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SunSirs: Sales are Light, Sugar Prices are Falling in China

April 23 2024 14:53:40     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 6,754 RMB/ton, and the average price of domestic first grade white sugar on the weekend was 6,700 RMB/ton, a decrease of 0.80% in price and an increase of 4.61% compared to the same period last year.

As of the end of March, Guangxi had produced a total of 6.1049 million tons of white sugar, an increase of 837,200 tons year-on-year, with a significant increase in production; Guangxi sold a total of 2.9149 million tons of sugar, an increase of 265,600 tons year-on-year; The production and sales rate in Guangxi was 47.75%, a year-on-year decrease of 2.54 percentage points. Due to the significant increase in sugar production and the decrease in Guangxi's production and sales rate, spot pressure has increased compared to the previous period.

The white sugar market has entered the off-season of sales, and currently domestic spot prices are relatively high. High sugar prices have a certain inhibitory effect on consumption. Recently, both domestic and international sugar prices have continued to decline, with a strong bearish sentiment in the market and a decrease in downstream restocking willingness. In terms of imports, the quantity of imported sugar and syrup from January to February is relatively large, and the increase in alternative sugar sources will also affect the market share of domestic sugar.

Domestic transactions fell short of expectations, and the market was mostly bearish. It is expected that the price of sugar will mainly fluctuate weakly in the short term.


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