New Delhi: Due to a fall in global sugar prices, sugar mills are reluctant to sign further exports contracts.
According to the Indian Sugar Mills Association (ISMA), as per market reports and information collected from large trading houses, contracts for sugar exports for about 35 lakh tonnes have already been contracted for exports in the current sugar season 2021-22. Most of these contracts were signed when the global sugar prices were in the range of 20-21 cents per pound of raw sugar. However, with a fall in the global prices to below 20 cents, and now to around 18.6 cents per pound of raw sugar, the Indian sugar mills are not coming forward to sign further export contracts.
The ISMA said that 416 sugar mills have started crushing operations in the country till 30th November, 2021 and produced 47.21 lakh tonnes of sugar in the season 2021-22.
