Wait...
  1. Home >
  2. Export Import News >
  3. Export News >
  4. India to export raw sugar for first time in three years as global prices rally >
  5. India to export raw sugar for first time in three years as global prices rally

Online Export Import Data Search

Complete Training Video : Click Here

India to export raw sugar for first time in three years as global prices rally.


Date: 10-10-2018
Subject: India to export raw sugar for first time in three years as global prices rally
Indian sugar mills have signed deals to export raw sugar for the first time in three years as a rally in New York prices to seven-month highs along with government subsidies made exports lucrative, five dealers and two industry officials told Reuters.

Mills in the world's second biggest sugar producer were reluctant to sign new export contracts until recently as global prices were trading far below local prices.

But a rally in international raw sugar prices along with a rupee hitting a record low has made exports viable.

Mills have contracted to export 150,000 tonnes raw sugar at around $280 per tonne on a free-on-board (FOB) basis for shipment in November-December, the dealers said.

More Indian exports could weigh on global prices and trim the market share of rivals Brazil and Thailand, the world's top two sugar suppliers.

Indian mills traditionally produce white sugar for local consumption, but this year they are planning to export raw sugar as the country faces a surplus harvest for the second straight year.

"In the last few days suddenly things are moving in favour of Indian mills," said BB Thombare, president of the Western India Sugar Mills Association. "New York raw prices are rising, rupee is depreciating and government has also approved incentives for exports."

India last month approved incentives such as a transport subsidy for export and a direct cane payment to farmers to encourage cash-strapped mills to export surplus sugar in the 2018/19 season.

Many mills were waiting for the government notification after last month's cabinet decision, said a Mumbai-based dealer with a global trading firm. "As notification was published on Friday mills have started signing export deals," he said.

WHITE SUGAR

In March, India asked mills to export 2 million tonnes of sugar and fixed a mandatory export quota for each mill.

But mills managed to export only around 450,000 tonnes in the 2017/18 marketing year that ended on September 30 due to uncompetitive prices, said Abinash Verma, director general of the Indian Sugar Mills Association (ISMA).

Mills will try to achieve the export target of 5 million tonnes in the current year, Verma said.

Apart from raw sugar, mills have contracted to export 100,000 tonnes of white sugar at around $305 per tonne, FOB, for shipment in October-December, three dealers said.

"Whites are going to Middle East and African countries," said a New Delhi-based dealer with a global trading firm.

India could start the new season with inventories of over 10 million tonnes of sugar and could produce another 35 million tonnes in the new season started on October 1, the ISMA estimates.

Indians, known for their sweet tooth, consume about 25 million tonnes of sugar a year.

Indian mills will produce raw sugar at the start of the season for exports as they have ample carry forward of white sugar from last year's crushing to cater local demand, said another Mumbai-based dealer.

The south Asian country could export 4 million tonnes of sugar in 2018/19, including around 2.5 million tonnes of raw sugar, dealers said.

In 2007/08 India exported a record 2.7 million tonnes of raw sugar and 2.26 million tonnes of white sugar.

Source: moneycontrol.com


Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Both
 Buyers
 Suppliers
 Both
OR
 Exim Help
+


What is New?

Date: 28-10-2018
Notification No. 71/2018-Customs
Seeks to further amend notification No. 25/2002-Customs, dated the 1st March, 2002.

Date: 11-10-2018
Notification No. 74/2018–Customs
seeking to ammend First Schedule of Customs Tariff Act, 1975.

Date: 11-10-2018
Notification No. 75/2018 – Customs
seeking to ammend Notifcation No. 57/2017 dated 30th June, 2017

Date: 11-10-2018
Notification No. 76/2018 – Customs
seeking to ammend Notifcation No. 24/2005 dated 1st March, 2005

Date: 10-10-2018
Notification No. 22/2018-Central Excise
Seeks to amend notification No. 11/2017-Central Excise dated 30th June, 2017 in order to reduce Central Excise duty rates on Aviation Turbine Fuel.

Date: 09-10-2018
Notification No. 51/2018-Customs (ADD)
seeks to amend the notification No. 23/2103 dated the 10th October, 2013 to extend the levy of anti-dumping duty on the imports of " Ductile Iron Pipes " originating in or exported from China PR..

Date: 09-10-2018
Circular No. 37/2018-Customs
Cases where IGST refund have not been granted due to claiming higher rate of drawback or where higher rate and lower rate were identical

Date: 09-10-2018
Notification No. 53/2018 – Central Tax
Seeks to make amendments (Eleventh Amendment, 2018) to the CGST Rules, 2017. This notification restores rule 96(10) to the position that existed before the amendment carried out in the said rule by notification No. 39/2018- Central Tax dated 04.09.2018.

Date: 09-10-2018
Notification No. 54/2018 – Central Tax
Seeks to make amendments (Twelfth Amendment, 2018) to the CGST Rules, 2017. This notification amends rule 96(10) to allow exporters who have received capital goods under the EPCG scheme to claim refund of the IGST paid on exports and align rule 89(4B) to make it consistent with rule 96(10).

Date: 09-10-2018
Notification No. 53/2018 – Central Tax
Seeks to make amendments (Eleventh Amendment, 2018) to the CGST Rules, 2017. This notification restores rule 96(10) to the position that existed before the amendment carried out in the said rule by notification No. 39/2018- Central Tax dated 04.09.2018.



Exim Guru Copyright © 1999-2018 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.

EximGuru.com

C/o Infodrive India
E-2, 3rd Floor, Kalkaji Main Road
New Delhi - 110019, India
Phone : 011 - 40703001