NEW DELHI, Feb 13 (Reuters) - Thailand, Asia's top exporter of sugar, is shipping the sweetener to the Middle East and Indonesia, while Indian buyers are negotiating deals with Brazil as they brace for India to formally drop duties on imports.
After exporting a record 4.9 million tonnes of sugar in the year to September 2008, India, the world's biggest consumer, is expected to import about 4.5 million tonnes of raws in the next 12 months as domestic output shrinks.
India has said it will allow duty-free imports by firms that export a similar quantity, but has not so far issued a formal order to change the import policy.
India's absence from export markets in 2008/09 has helped Thailand, which, along with Indonesia, has turned to sell sugar to the Middle East, Oman and Yemen as well.
Dubai's Al Khaleej, the world's largest sugar refinery, was a top buyer of Indian raw sugar in 2007/08.
Traders in Bangkok, the Thai capital, said some dealers offered sugar at 55 points over benchmark prices in New York, up from last week's 40 points.
About 20,000-30,000 tonnes of Thai raw sugar has been shipped to Indonesia, while several vessels were loading both whites and refined for the United Arab Emirates, Oman and Yemen, traders in Bangkok said.
Traders in Thailand said sugar demand has perked up as buyers believe prices would go up further in New York.
Source : REUTERS INDIA