ChiniMandi, Mumbai: 08th March 2024
Domestic Market
Domestic Sugar prices continued to stable; less trade due to festival
Domestic sugar prices remained stable in the major markets for the second session. There was less trade due to Maha Shivratri festival. Buyers continued to remain hand-to-mouth over prolonged crushing. In addition, as of March 6, Maharashtra’s sugar production was reported to be 9.53 MMT, with 94.5 MMT of cane crushed. As of March 6, only 22 mills have closed operations, compared to 78 mills in the previous year.
The cost of M-grade sugar in Muzaffarnagar ranges from Rs 3,735 to Rs 3,770 per quintal, whereas the estimated cost of S-grade sugar in Kolhapur is between Rs 3,400 and Rs 3,440 per quintal. Agrimandi predicts that in the next two weeks, the price of S grade sugar in the Kolhapur market will drop to between Rs 3,400 and Rs 3,480 per quintal. However, prices per quintal are reportedly between Rs 3,330 and Rs 3,380 in Solapur.
Ex-mill Sugar Prices as on March, 08 2024 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3360 to 3410 |
₹3440 to 3490 |
|
Karnataka |
₹3600 |
₹3650 |
|
Uttar Pradesh |
|
₹3740 to 3770 |
|
Gujarat |
₹3441 to 3481 |
₹3491 to 3541 |
|
Tamil Nadu |
₹3555 to 3760 |
₹3640 to 3700 |
|
Madhya Pradesh |
₹3700 to 3720 |
₹3750 to 3770 |
|
Punjab |
₹3825 to 3880 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on March, 08 2024 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹3,984.75 |
|
Kanpur |
M/30 |
₹3,932.25 |
|
Kolhapur |
M/30 |
₹3,727.50 |
|
Kolkata |
M/30 |
₹3,974.25 |
|
Muzaffarnagar |
M/30 |
₹3,932.25 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $602.10 ton, whereas the New York Sugar #11 front month contract is trading at 21.28 c/lb.
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