NEWS

On September 9, two prominent trade organizations said Indian sugar mills had signed contracts for 1.2 million tonnes of sugar exports for the next market year (starting from October 1).

Previously, due to unfavorable weather that led to a slump in Brazil's production estimates, international sugar prices soared to a four-and-a-half-year high in August. Sugar exports from India, the world's second-largest sugar producer after Brazil, will help to curb the rise in international sugar prices.

The Indian Sugar Mills Association (ISMA) said in a statement that Brazil's new year starts in April and Thailand's new year supply will only be available after January 2022, giving India the opportunity to export surplus sugar in the coming months, so India is expected to export 6 million tonnes of sugar in the new market year that starts on October 1.

India could start 2021/22 marketing year with carry forward stock of 8.7 million tonnes. The country could produce 31 million tonnes of sugar, with domestic consumption of about 26 million tonnes.