This article was last updated on April 16, 2022
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The sugar prices in India have taken an upward trend in India this Monday. The prices today rose up to Rs 60 per quintal in India’s leading wholesale markets on the stockists buying after the government raised import duty on the sweetener to 40 per cent besides additional interest-free loan of Rs 4,400 crore for mills according to Outlook. Further, increased offtake by bulk consumers to meet summer season demand also influenced prices.
In the national capital, sugar ready M-30 and S-30 traded higher at Rs 3,320-3,460 and Rs 3,300-3,430 as against previous levels of Rs 3,270-3,400 and Rs 3,250-3,380 per quintal. Fears that sugar prices may rise further in the wake of government’s decision to discourage import by raising duty to 40 per cent and improve funds liquidity for the domestic sugar mills, stockists were seen enlarging positions, said sugar traders. They said if monsoon remains subdued, prices are well set to rise further in coming days. “The hike in duty will support domestic sugar industry and make imports costlier”, said a wholesale sugar trader in the national capital of India, Delhi.
Whereas in Indias 4th largest state, Uttar Pradesh, the UP government has asked the sugar mill owners to clear the arrears of approximately Rs. 7500 crore for the framers in the crushing year ending in 2014. About 95 private mills account for the 91% or Rs 6,883 crore arrears. The state government had allocated Rs 400 crore for clearing the dues of cooperative mills according to Business Standard.
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