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SunSirs: Light Transactions, China Sugar Prices is Falling

September 02 2024 14:57:38     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 6,556 RMB/ton at the beginning of the month, and 6,422 RMB/ton at the end of the month, with a price drop of 2.04%.

Domestically, domestic sugar is still in the sales stage, and spot inventory is at a low level. Imports increased significantly in July, and the expected arrival quantity of August shipments is still at a high level compared to the same period. Overall, there is not much pressure on spot supply, and future supply expectations will gradually become loose. In terms of output, there is a strong expectation of increased production in the new crushing season, and the trend remains downward in the medium to long term.

According to data released by the General Administration of Customs, China imported 420,000 tons of sugar in July 2024, an increase of 308,900 tons year-on-year, with a growth rate of 278.01%. As of the end of July in the 2023/2024 crushing season, China has imported a total of 3.5819 million tons of sugar, an increase of 602,300 tons or 20.21% year-on-year.

The transaction volume in the domestic sugar market fell short of expectations, and it is expected that sugar prices will mainly fluctuate and weaken in the short term.

 

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