Mills hold off on signing new sugar export deals
The Hindu
Local prices rise 13% to four-year high
Indian mills are holding off on signing new sugar export contracts for the upcoming season as a rally in domestic prices to a four-year high widened the gap between local and global rates, industry officials told Reuters.
“Mills are not signing export contracts, as they are getting far higher prices in the local market,” said Prakash Naiknavare, managing director of the National Federation of Cooperative Sugar Factories Ltd.
Lower shipments from India could support global prices, as supplies from top producer Brazil are expected to decline, and traders were banking on India to compensate for the shortfall.
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