ChiniMandi, Mumbai: 17th Feb 2025
Domestic Market
Downtrend continued in domestic sugar prices
Sugar prices are falling due to weak demand following a sharp increase and have fallen by Rs 100-150 per quintal from the recent high. Domestic sugar prices in major markets are reported to be lower by Rs 20–30 per quintal. Prices in Maharashtra and Karnataka were reported lower by Rs 20 per quintal and by Rs 30 per quintal in Uttar Pradesh. As per the sources, as pipeline is full, demand is said to be subdued.
ISMA released sugar production until February 15, 2025. As per the update, sugar production was reported at 19.7 MMT, compared to 22.4 MMT of last year. Around 72 mills have closed operations as against just 26 mills last year. Currently, 460 mills are operating versus 504 mills of last year.
Sugar exports are typically priced between Rs 42,000 and 44,000 per MT. And low-quality whites will be in parity up to $465 per MT. S-grade sugar in Kolhapur ranges between Rs 3,670 and 3,730 per quintal, while M-grade sugar in Muzaffarnagar costs between Rs 3,950 and 4,000.
Ex-mill Sugar Prices as on Feb, 17 2025 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3700 to 3720 |
₹3800 to 3865 |
|
South Karnataka |
₹3890 to 3900 |
₹3940 to 3950 |
|
Uttar Pradesh |
|
₹3950 to 4010 |
|
Gujarat |
₹3841 |
₹3941 |
|
Tamil Nadu |
₹3940 to 4050 |
₹4000 to 4125 |
|
Madhya Pradesh |
₹4010 to 4030 |
₹4060 to 4090 |
|
Punjab |
₹4080 to 4101 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on Feb, 17 2025 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹4,231.50 |
|
Kanpur |
M/30 |
₹4,189.50 |
|
Kolhapur |
M/30 |
₹3,990.00 |
|
Kolkata |
M/30 |
₹4,294.50 |
|
Muzaffarnagar |
M/30 |
₹4,189.50 |
|
Ahmedabad |
M/30 |
₹4,147.50 |
|
Bangaluru |
M/30 |
₹4,158.00 |
|
Chennai |
M/30 |
₹4,257.75 |
At the time of writing this update London White Sugar #5 front month contract is trading at $544.70 ton, whereas the New York Sugar #11 front month contract is trading at 20.42 c/lb. The corn futures market trades at 496-2 and the ethanol Chicago trades at 1.68214s
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 86.884 whereas USD was trading with BRL at 5.7277 Crude WTI traded at $70.66 barrel. Sensex closed 57.65 points up at 75,996.86 whereas Nifty closed 30.25 points upper at 22,959.50
News Round-Up
Season 2024-25: India’s sugar production updates by ISMA as of February 15
Season 2024-25: India’s sugar production updates by ISMA as of February 15
United States may ask India for substantial market access in agriculture, ethanol: Report
United States may ask India for substantial market access in agriculture, ethanol: Report
