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

recentSearch
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: 20-08-2019
Notification No. 36/2019 – Central Tax
Seeks to extend the date from which the facility of blocking and unblocking of e-way bill facility as per the provision of Rule 138E of CGST Rules, 2017 shall be brought into force to 21.11.2019.

Date: 19-08-2019
PUBLIC NOTICE No. 26/2015-2020
TRQ quota for import of 30,000 MT of crude soya oil from Paraguay under India- Mercosur Trade Agreement is notified.

Date: 16-08-2019
A.P. (DIR Series) Circular No. 06
Foreign Exchange Management (Deposit) (Amendment) Regulations, 2019 – Acceptance of Deposits by issue of Commercial Papers

Date: 14-08-2019
Notification No.60/2019 - Customs (N.T.)
Exchange Rates Notification No.60/2019-Custom(NT) dated 14.08.2019.

Date: 14-08-2019
Notification No. 61/2019-CUSTOMS (N.T.)
Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver- Reg.

Date: 14-08-2019
PUBLIC NOTICE NO. 25/2015-2020
Modification of Para 4.12(vi) of HBP and addition of Appendix 4P to Hand Book of Procedures 2015-20 – reg.

Date: 13-08-2019
Notification No.59/2019 - Customs (N.T.)
Exchange Rates Notification No.59/2019-Custom(NT) dated 13.08.2019.

Date: 13-08-2019
Instruction No. 03/2019-Customs
Recovery of Export benefits given under incentive and Reward Schemes under Chapter 3 of FTP on re-import of export goods.

Date: 10-08-2019
NOTIFICATION No. 32/2019-Customs (ADD)
Seeks to impose anti-dumping duty on imports of "Homopolymer of vinyl chloride monomer (suspension grade)" originating in or exported from China PR and USA for 30 months with effect from 13th August, 2019, in pursuance of SSR investigation by DGTR.

Date: 08-08-2019
Notification No. 57/2019-CUSTOMS (N.T.)
Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver.



Exim Guru Copyright © 1999-2019 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