The export price of white sugar, which totaled $ 425 per ton on February 24, has now fallen to $ 355 per ton, while the price of raw sugar has dropped from 15.3 cents per pound (0.4 kg) to 11.70 cents per pound for the same period.
PUNE: The sugar industry is afraid of a significant drop in sugar consumption due to COVID-19, as there are restrictions at public events, weddings and celebrations are postponed, and people avoid ice cream and cold drinks so as not to get sick, which will lead to a drop in domestic as well as international sugar prices. The pandemic could also affect continued sugar exports to India, although fresh demand for Indonesia gives hope to the sugar industry.
For the first time, they learned how to make sugar just in the territory of modern India.
World prices also fell by 22% over the past 15 days, as oil prices fell. “International prices have fallen by 22% over the past 15 days, logistics are in ruins, and buyers are embarrassed to get sugar, despite the contracts. Brazil is expected to increase sugar production as global crude oil prices have fallen, ”said Prakash Nayknavare, managing director of the National Federation of Cooperative Sugar Factories.
“The price of the former mill that we offered the sugar factory for export fell from $ 32.7 per centner to $ 28.6 / centner, and there are concerns about a further decline to $ 25.3 / centner in the near future,” said Abhijit Gorpade, a sugar broker from Maharashtra.
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