Sugar prices hit record highs amid supply concerns in India
Pune: Sugar prices in India have risen to record levels amid concerns over tight supplies, even as the government and industry bodies assured that there is adequate stock in the country.
According to the data with the Ministry of Consumer Affairs, the retail price of sugar on Friday was ₹47 a kg in Delhi and ₹50 a kg in West Bengal, which were the highest on record.
Meanwhile, the average ex-mill sugar price has climbed to ₹44 per kg, about 14% higher than a year earlier, said industry experts, terming it an all-time high. In South India, mills are selling the sweetener at around ₹45 per kg, they said.
Also Read: India has adequate sugar stocks, no basis for speculation: ISMA, NFCSF
In a joint statement, the Indian Sugar & Bio-energy Manufacturers Association (ISMA) and the National Federation of Cooperative Sugar Factories Ltd said the country has adequate sugar stocks to comfortably meet domestic consumption requirements. "There is no justification for panic buying or speculative trading in the domestic sugar market," they said in the statement, issued after discussions with the government . "The industry firmly believes that the recent price movement is not supported by the underlying demand-supply fundamentals. Creating an impression of scarcity when sufficient stocks are available can lead to unnecessary market volatility, disrupt normal trade, and adversely affect consumers as well as downstream industries," they said.
According to the data with the Ministry of Consumer Affairs, the retail price of sugar on Friday was ₹47 a kg in Delhi and ₹50 a kg in West Bengal, which were the highest on record.
Meanwhile, the average ex-mill sugar price has climbed to ₹44 per kg, about 14% higher than a year earlier, said industry experts, terming it an all-time high. In South India, mills are selling the sweetener at around ₹45 per kg, they said.
Also Read: India has adequate sugar stocks, no basis for speculation: ISMA, NFCSF
In a joint statement, the Indian Sugar & Bio-energy Manufacturers Association (ISMA) and the National Federation of Cooperative Sugar Factories Ltd said the country has adequate sugar stocks to comfortably meet domestic consumption requirements. "There is no justification for panic buying or speculative trading in the domestic sugar market," they said in the statement, issued after discussions with the government . "The industry firmly believes that the recent price movement is not supported by the underlying demand-supply fundamentals. Creating an impression of scarcity when sufficient stocks are available can lead to unnecessary market volatility, disrupt normal trade, and adversely affect consumers as well as downstream industries," they said.
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