ChiniMandi, Mumbai: 27th Mar 2025
Domestic Market
Domestic sugar prices were stable
Domestic sugar prices were reported to be stable across major markets. Although production is likely to fall to roughly 26 MMT, prices are trading at six week low on dull demand. According to market insiders, demand is low following a dramatic rise in prices following the export announcement.
In an announcement on March 27, the Food Ministry set a monthly sugar quota of 23.5 lakh metric tonnes (LMT) for April 2025, which is lower than the quota for April 2024. Furthermore, the government has extended the March quota through April 10. In April 2024, the government set a monthly sugar quota of 25 LMT for domestic sales. The sugar quota for March 2025 was set at 23 LMT.
According to market experts, the carryforward stock is expected to be around one lakh tonnes. The market is likely to be in high demand due to the summer season and the expected increase in temperatures. Last April, sugar consumption totaled 25.80 lakh tonnes. Given this, market sentiment is likely to remain bullish.
According to market sources, sugar for export is currently selling for around Rs 42,000 per MT, stronger INR has led to lower realization for the exporters. As per the market sources, around 7.0 lakh tons have contracted. The most active contract values London whites at $540 per MT, while low-quality whites will be at parity till $480 per MT, indicating higher due to stronger INR.
M-grade sugar in Muzaffarnagar ranges between Rs 3,980 and Rs 4,030 per quintal, and S-grade sugar in Kolhapur costs between Rs 3,745 and Rs 3,790.
Ex-mill Sugar Prices as on Mar, 27 2025 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3770 to 3800 |
₹3840 to 3860 |
|
South Karnataka |
₹3950 to 3975 |
₹4000 to 4025 |
|
Uttar Pradesh |
|
₹3980 to 4030 |
|
Gujarat |
₹3841 to 3851 |
₹3941 to 3951 |
|
Tamil Nadu |
₹4010 to 4100 |
₹4150 |
|
Madhya Pradesh |
₹4010 to 4020 |
₹4080 to 4090 |
|
Punjab |
₹4060 to 4121 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on Mar, 27 2025 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹4,263.00 |
|
Kanpur |
M/30 |
₹4,221.00 |
|
Kolhapur |
M/30 |
₹4,026.75 |
|
Kolkata |
M/30 |
₹4,336.50 |
|
Muzaffarnagar |
M/30 |
₹4,189.50 |
|
Ahmedabad |
M/30 |
₹4,147.50 |
|
Bangaluru |
M/30 |
₹4,242.00 |
|
Chennai |
M/30 |
₹4,357.50 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $538.80 ton, whereas the New York Sugar #11 front month contract is trading at 19.26c/lb. The corn futures market trades at 451-2 and the ethanol Chicago trades at 1.70000s
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 85.854 whereas USD was trading with BRL at 5.7292 Crude WTI traded at $69.68 barrel. Sensex closed 317.93 points higher at 77606.43 whereas Nifty closed 105.10 points higher at 23591.95
News Round-Up
304 ethanol manufacturing distilleries availed financial assistance under schemes notified from 2018 to 2022
23.5 LMT monthly sugar quota released for April 2025 with extension for March quota; April 2024 consumption was 25.80 LMT
L&T bags largest-ever contract from QatarEnergy LNG for its offshore hydrocarbon business
L&T bags largest-ever contract from QatarEnergy LNG for its offshore hydrocarbon business
