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Indian trade houses vying for sugar exports due to bullish global demand and suppressed domestic prices

Indian trade houses vying for sugar exports due to bullish global demand and suppressed domestic prices
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Synopsis
Exporters are getting Rs 1-2 per kg more than the minimum selling price (MSP) of Rs 31 per kg set by the government. However, traders said a large quantity of sugar is sold below MSP by the sugar mills due to surplus availability.
Agencies
Thanks to the profitability and good demand for raw sugar, a section of traders is trying to get an additional quota of a million tonnes exclusively for export of raw sugar.
Sugar exports have become more lucrative than sale in the domestic market for India’s traders thanks to increase in international prices, which are supported by concerns over production by major sugar producers such as Brazil and Thailand and rising crude oil prices. ....

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Indonesia May Emerge As The Biggest Importer Of Indian Sugar

Indonesia may emerge as the biggest importer of Indian sugar
Iran continues to use the accounts for buying these commodities but the amount in the accounts is depleting.
January 12, 2021 / 08:59 PM IST
Uttam Sugar Mills | Company reported profit at Rs 11.70 crore in Q3FY21 against Rs 13.32 crore, revenue rose to Rs 433.26 crore from Rs 426.68 crore YoY.
Indonesia could emerge as the largest importer of raw sugar from India and may make up for any drop in exports to Iran, where shippers are facing payment problems.
“The roles of Indonesia and Iran with regard to India’s sugar exports are set to change with Jakarta likely to import over 10 lakh tonnes against three lakh tonnes last season (October 2019-September 2020),” said MEIR Commodities India Managing Director Rahil Shaikh. ....

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