Payment arrears from sugar mills to cane farmers go up to ₹23,000 crore
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Appeal made to Centre to hike the minimum selling price of sugar
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Appeal made to Centre to hike the minimum selling price of sugar
Halfway through the marketing season, payment arrears from sugar mills to cane farmers have almost reached ₹23,000 crore, leading mills to lobby for the Centre to hike the minimum selling price of sugar. With regard to exports, millers hope that the decision to permit sales to Pakistan and facilitate sales to Iran will help meet targets.
Central government data showed that, as on February 28, dues of ₹22,900 crore were pending for the cane procured in the current season, which began in October 2020. March and April make up the peak crushing season for sugar. A year ago, arrears stood at around ₹19,200 crore.
MUMBAI (Reuters) - Indian sugar mills output rose by nearly a fifth year on year to 27.76 million tonnes in the first six months of the 2020/21 marketing year as production jumped in Maharashtra, a trade body said on Thursday. The country is the world s second-biggest sugar producer and the higher output could weigh on global prices,. More than half of the sugar mills closed operations by the end of March, the Indian Sugar Mills Association (ISMA) said in a statement. Maharashtra, India s second-biggest sugar-producing state, churned out 10 million tonnes of sugar in the first six months of the season, compared with 5.9 million tonnes a year ago, ISMA said.
Sugar mills rush to sign for exports as prices rally
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Overseas sales to help cut stockpiles
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Overseas sales to help cut stockpiles
Indian mills have contracted to export 4.3 million tonnes of sugar so far in the 2020-21 season ending on September 30, a trade body said on Wednesday, as a rally in global prices to a four-year high and an export subsidy makes overseas sales lucrative.
Higher exports from the world’s second-biggest sugar producer could cap gains in global prices, which have been buoyed by lower production in Thailand, the world’s second-biggest exporter.
The exports will help India reduce stockpiles and support local prices of the sweetener, crucial in ensuring millions of cane farmers get government-mandated prices.
Sugar Refiner Says Container Shortage Limiting India Exports
Bloomberg 1/29/2021
(Bloomberg)
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A shortage of shipping containers in India, the world’s second-biggest sugar producer, is hurting shipments even as overseas demand stays robust, according to an industry official.
The nation has exported only 70,000 tons of white sugar in containers this month, compared with about 370,000 tons in January 2020, said Ravi Gupta, president of Shree Renuka Sugars Ltd, the country’s top refiner.
Shipping rates have risen globally as demand for goods rebounded more strongly than expected in the second half of 2020, creating a container shortage. Geopolitical tensions with China have also reined in imports into India, meaning fewer incoming containers.