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Sugar prices firm up on export sops reports.


Date: 18-09-2018
Subject: Sugar prices firm up on export sops reports
Sugar prices have firmed up by Rs 80-100 per quintal on reports of the government likely to announce export incentives for sugar millers in the country.

Market sentiment has also gone on reports that government may announce a hike in the minimum floor price of sugar on the back of demands made by sugar bodies — Indian Sugar Mills Association and the National Federation of Cooperative Sugar Factories.

Mukesh Kuvediya, secretary general, Bombay Sugar Merchants Association said that the prices have firmed up by nearly R80-100 per quintal in Maharashtra over the speculation that the government may hike the floor price and also announce export incentives. Sugar mills had recently urged the Centre to fix the minimum ex-mill sugar price at Rs 36 a kg to cover production cost. The Indian Sugar Mills’ Association (ISMA) had submitted a memorandum in this regard recently to the Department of Food and Public distribution. The average ex-mill price in Uttar Pradesh was Rs 31.50 a kg and in Maharashtra, Rs 29.70 a kg. Sugar prices for S-30 grade were in the range of Rs 3,230-Rs 3,340 per quintal and Rs 3,320-3,410 for M grade sugar in the market.

Kuvediya said that the prices have gone up in the last five days and millers are holding onto their stocks in anticipation of a hike in Minimum Floor Price and some export incentives as well.

According to market reports, Brazil is diverting 75 lakh tonnes instead of the originally planned 50 lakh tonnes for production of ethanol, which means there will be much less raw sugar coming into the market. The new situation not only presents an opportunity but also an advantage for India since most of the markets traditionally served by Brazil are logistically close to India, Prakash Naiknavare, MD, National Federation of Cooperative Sugar Factories said.

According to industry experts, since the Minimum Support Price ( MSP) is linked with the Fair and Remunerative Price (FRP), the new FRP is likely to be in place from October 1 when the new season starts and with this being an election year, the government is most likely to raise the Minimum Floor Price to R30 per kg.

However, a cabinet meet is slated to be held on Wednesday and policy on export incentives is likely to be announced in a couple of days , industry people said.

The crushing of cane for the next sugar season (October 2018-September 2019) would commence in October with production expected to be about 350 lakh tonnes.

Source: financialexpress.com

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