UP sugar mills signal export contracts for six lakh tonne; mills in Maha but to ink one
Thombre mentioned whereas the ex-mill charges are round Rs 2,700-Rs 2,800 per quintal, some brokers and merchants have been taking undue benefit and have been buying sugar at Rs 2,500-Rs 2,600 per quintal.
Barely every week after the Centre introduced the sugar export subsidy coverage for the continuing season, millers from Uttar Pradesh (UP) have taken the lead by signing export contracts for over six lakh tonne of uncooked and white sugar. In distinction, mills from Maharashtra are but to signal a single contract, senior trade officers mentioned.
The Western India Sugar Mills Affiliation (WISMA) has written to the Centre to concern the sugar export notification and mill-wise allocation of most admissible export amount (MAEQ) on the earliest in order that exports collect momentum and most amount is exported earlier than the arrival of Brazilian sugar available in the market, BB Thombre, president, WISMA, mentioned.
In keeping with merchants, the export contracts have been signed at Rs 2,400 to Rs 2,420 per quintal. Many factories in UP have entered into export agreements on the idea that they’d obtain the identical quota as final 12 months, merchants mentioned. Of the allotted 60 lakh tonne of sugar, UP’s share usually comes as much as 20 lakh tonne, whereas Maharashtra’s share comes as much as 16 lakh tonne. Final season, Maharashtra’s export quota was round 16.80 lakh tonne.
Thombre mentioned whereas the ex-mill charges are round Rs 2,700-Rs 2,800 per quintal, some brokers and merchants have been taking undue benefit and have been buying sugar at Rs 2,500-Rs 2,600 per quintal. “That is taking place regardless of costs remaining steady within the worldwide market at $389-400 a tonne. Presently, uncooked sugar is quoted at 14.63 cents a pound in New York,” he mentioned.
In keeping with senior trade folks, virtually all mills in Solapur having resorted to underselling. Round 50% of the mills in Ahmednagar and Marathwada have been promoting sugar under the federal government notified Rs 3,100 per quintal.