SunSirs: Weak Trading, China Sugar Prices are Falling
July 22 2024 15:09:16     SunSirs (Selena)According to the monitoring of the commodity market analysis system of SunSirs, the average price of first grade white sugar in China was 6,586 RMB/ton on July 15th, and 6,568 RMB/ton on July 19th, with a price drop of 0.27%.
In the domestic market, spot prices have mainly fallen, and the trading atmosphere is quiet. As of June 2024, the domestic sugar industry inventory was 2.5798 million tons, an increase of 489,800 tons year-on-year. Sugar is in a pure sales period, and due to the off-season of consumption, the monthly sales volume mainly decreased compared to the same period last year. The industrial inventory is still higher than the same period last year. In addition, with the expected increase in imports in the third quarter and other negative factors, downstream has entered a phase of off-season, which provides weak support for domestic prices.
As of July 1st, the 2024/2025 sugarcane crushing season in central and southern Brazil has accumulated 238.405 million tons of sugarcane, an increase of 13.27% year-on-year, and a cumulative sugar production of 14.2 million tons, an increase of 15.7% year-on-year. In the second half of June, Brazil's sugar production increased year-on-year, and the progress of sugar production was relatively fast, indicating a relatively sufficient market supply.
The domestic sugar market has relatively high inventory and weak trading, and it is expected that sugar prices will mainly fluctuate and weaken in the short term.
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