Image Credits: Valley Recovery Center
MUMBAI, APRIL 17
Sugar market continues to remain under pressure as producers sell the commodity at below production cost to sustain financial liquidity. Prices at mill level dropped further by ₹10-20 a quintal which dragged the spot rates at Vashi by ₹20-30 on Tuesday. The market remained under selling pressure and surplus supplies. Inventory at Vashi market is now hovering at 100-105 truck loads. On Monday evening, Maharashtra’s 17-18 mills sold about 44,000-45,000 bags at ₹2,610-2,700 for S-grade and ₹2,710-2,850 for M-grade. The Bombay Sugar Merchants Association’s spot rates: S-grade ₹2,782-2,982 and M-grade ₹2,900-3,192. Naka delivery rates: S-grade ₹2,750-3,000 and M-grade ₹2,850-3,050.