Sugar market ruled steady for the second consecutive day on routine demand, supply and volumes. Hike in minimum selling price of sugar by ₹200 still remains unclear forcing producers to continue selling the commodity at prevailing rates to ease their stock burden.
Arrivals at the Vashi market were 35-36 truck loads (of 10 tonnes each) and local dispatches, too, were at the same level. Inventories were about 84-85 truck loads. Freight rates were steady at ₹80-100 per bag.
On Wednesday evening, 14-15 mills offer tenders and sold about 34,000-35,000 bags at ₹3,160-3,250 for S-grade and ₹3,260-3,370 for M-grade.
The Bombay Sugar Merchants Association spot rates (₹/quintal): S-grade 3,332-3,382 and M-grade 3,420-3,602. Naka delivery rates (₹/quintal): S-grade 3,310-3,360 and M-grade 3,400-3,500.