Lower shipments from the world's No. 2 sugar producer could support global prices that fell more than 20 per cent in 2018, but fewer exports could also increase Indian stockpiles ahead of the next marketing season and force the government to provide more support to an ailing industry.
India is likely to export 2.5 million to 3.5 million tons of sugar in the 2018/19 marketing year that started on 1 October, five dealers and three industry officials told Reuters. "Mills are not ready to sign new contracts as the difference in local and overseas prices widened," said a Mumbai-based dealer with a global trading company that exports the sweetener out of India.
Leave Your Comments