Even as three weeks have passed in the new crushing season that began from October 1, sugar market has not shown any improvement due to lack of announcement of new export policy and incentive measures except price hike in ethanol, said sources.
Sources said India carries huge surplus stocks in recent years. For 2020-21 sugar season, carryover stock is about 110-115 lakh tonnes (lt) and sugar production is expected to be around 310 lt as compared to estimated 274 lt in the previous sugar season.
Arrivals at the Vashi wholesale market were about 38-40 truck loads (of 10 tonnes each) and local dispatches were at 39-40 loads. Prices remained unchanged.
The Bombay Sugar Merchants Association spot rates (₹/quintal): S-grade 3,222-3,292 and M-grade 3,276-3,450. Naka delivery rates (₹/quintal): S-grade 3,170-3,220 and M-grade 3,230-3,320.