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ChiniMandi, Mumbai: With the escalating demand owing to the heavy summer and strong heat waves, sentiments in the market have improved with sugar prices also taking an uptrend of ₹20 to ₹50. According to market reports, the majority of the mills have accomplished selling their domestic as well as MIEQ targets and are seeking for additional quota.
In a conversation with ChiniMandi.com, Mr.Sanjay Khatal, Managing Director of Maharashtra State Cooperative Sugar Factories Federation Ltd, said, “Though the market sentiments have improved, the lifting is not yet satisfactory; however many millers who have accomplished selling their MIEQ targets and allocated domestic quota are seeking extra based on the lapsed quota of the month of February, March and April which accounts to around to 23 to 29%.”
“We have taken forward this request to the Government for consideration, and also requested to allocate additional quantity to only those mills that have followed the Government norms of MIEQ and MSP. The same can be gauged by examining whether the mills have sold their sugar stocks not below ₹3100 and have accomplished their MIEQ targets”, he further added.
As per reports, Sugar mills in India have achieved 2.8 million tonnes of the sugar exports so far this season. Meanwhile, according to the industry body ISMA, sugar output in India has reached 32.11 million tonnes in the first seven months of the ongoing marketing year that started October 2018, and the total production could touch a new record of 33 million tonnes.