SunSirs: Adequate Supply Leads to a Decline in Sugar Prices in China
April 28 2024 15:45:40 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 6,678 RMB/ton, and the average price of domestic first grade white sugar on the weekend was 6,650 RMB/ton, a decrease of 0.42% in price and a decrease of 1.01% compared to the same period last year.
The spot transaction price of Guangxi white sugar is 6,430 RMB/ton, and the quotation range of the sugar making group fluctuates between 6,420-6,720 RMB/ton. The quotation range of Yunnan Sugar Group is 6,370-6,410 RMB/ton, with sufficient domestic white sugar supply at this stage. Guangxi's comprehensive sugar production is 6.18 million tons, an increase of 910,000 tons year-on-year. Yunnan is expected to produce 2.15 million tons, with a crushing progress of half.
Brazil's sugar production reached a record level of 46.29 million tons in 2024/2025, a year-on-year increase of 1.3%. In terms of phased production, it is expected that the sugar production in the central and southern regions of Brazil will reach 689,300 tons in the first half of April, a year-on-year increase of 27%. On the Indian side, the Indian government has approved the production of ethanol from B-grade molasses inventory. As of mid April, ISAM has accumulated 31.2 million tons of sugar production in India. Currently, it is time for planting in the northern hemisphere. Pay attention to the impact of weather on planting.
The domestic market has sufficient supply, and sugar prices are weak. It is expected that sugar prices may fluctuate weakly in the short term.
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