Indian merchants are dealing with challenges in securing export contracts regardless of the federal government allowing 1 million metric tons of sugar exports. Mills are demanding excessive premiums over London costs, which consumers are hesitant to pay.
The slower tempo of shipments will help world sugar costs, which lately fell to their lowest in three years.
Native costs surged almost 10% after the export approval, lowering the export incentive for mills.
Merchants have contracted 20,000 tons for February cargo at $490-$510 per ton, almost $10-$25 above London futures.
Mills have till September 2025 to export their quotas, so they’re ready for world costs to rise earlier than finalising offers.
India was the world’s second-largest sugar exporter from 2018-2023, promoting primarily to Indonesia, Bangladesh, and the UAE.
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