Domestic sugar prices which have been firmer in the second half of March 2023 and have shown more strength after the announcement of the monthly release order for sale of sugar in the month of April 2023. Supplies in the domestic market have been tighter with summer demand coming in and with lower crop this season especially in big sugar producing states of Maharashtra & Karnataka.
Ex-mill Sugar Prices as on March, 30 2023 :
| State | S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
| Maharashtra | тВ╣3230 to 3250 | тВ╣3330 to 3360 |
| Karnataka | тВ╣3500 | тВ╣3550 |
| Uttar Pradesh | тВ╣3575 to 3625 | |
| Gujarat | тВ╣3291 to 3331 | тВ╣3361 to 3401 |
| Tamil Nadu | тВ╣3450 to 3500 | тВ╣3500 to 3550 |
| Madhya Pradesh | тВ╣3410 to 3500 | тВ╣3480 to 3510 |
| Punjab | тВ╣3630 to 3680 | |
| (All the above rates are excluding GST) | ||
Global sugar prices have been on a surge with tighter global supplies. Recently, the International Sugar Organization (ISO) cut its 2022/23 global sugar surplus estimate to 4.15 MMT from 6.19 MMT. Production is expected to rise to a record 180.431 mln tonnes, up from 172.526 mln tonnes in 2021/22 albeit below NovemberтАЩs estimate of 182.142 mln tonnes. Sugar prices have underlying support from concern about smaller sugar production in India.Reduced sugar production in Europe is a supportive factor for sugar prices.
According to marketmen, global sugar prices are likely to moderate only after April, when the supply from Brazil and Thailand starts coming into the market.
