The Session – I of the Sugar and Ethanol India Conference dealt with the dynamics of global sugar market. The title of the panel was ‘Sweet Perspective: Navigating Dynamics in the Global Sugar Market’
There were in total 4 panellists-
Mr. Julian Price.. Executive Director of the ACP/LDC Sugar Industries Group
Mr. Atul Chaturvedi – Executive Chairman, Shree Renuka Sugars Ltd.
Dr. Claudiu Covrig.. Founder and Senior Analyst, CovrigAnalytics, Switzerland
Mr. Girish Chhimwal, Market Analyst, S&P Global Commodity Insights
The Session was Moderated by Ms. Charlotte Kingsman – Founder, ECRUU
Speaking at the Conference, Atul Chaturvedi – Executive Chairman, Shree Renuka Sugars Ltd. said that India has decouped itself from rest of the world. Government wanted to control sugar inflation, and curbed sugar export and put restrictions on ethanol production from cane juice and B Heavy molasses, however, the season might end with a higher than expected closing sugar stock of 8.5 million tons. The industry has requested the Government to increase ethanol production from cane juice.
Regarding next year’s cane crop, he said that the Indian cane crop could be higher than this year, as there are reports of good and well distributed monsoon rains that is expected in 2024. It will be too early to say that India will have another deficit sugar production year.
Girish Chhimwal, Market Analyst, S&P Global Commodity Insights said that currently its mid-crushing season in Asia, and there is a possibility that sugar availability will be higher. He said that he expects global sugar surplus to be in the range of 6 million tons. However, in 2024-25, he expects a deficit in production, driven by deficit in Asia.
Dr. Claudiu Covrig.. Founder and Senior Analyst, CovrigAnalytics, Switzerland made a PPT Presentation at the beginning of the Session I on Global Supply and Demand. In his Presentation he said that CS Brazil is having a fantastic season. But there were no new investments in adding sugarcane capacity. There have been no new sugar mills that have come on-line since 2016-2018. Overall from the global point of view- 2024-25 will have a small deficit as higher Brazilian sugar mix might not be enough. There will be tiny surplus in the current season.
