Indian sugar mills are still waiting for global sugar prices to rise to enter into further export deals, industry body ISMA said on Monday. Owing to fall in global prices of raw sugar, not many export contracts happened in the last one month or so, beyond the 38-40 lakh tonne of export contracts which have already been signed, it said in a statement.
“Since almost nine months are left for the current season, mills are still waiting for the opportune time to enter into further export contracts,” Indian Sugar Mills Association (ISMA) added.
During October-November period of the ongoing 2021-22 season, sugar mills exported over 6.5 lakh tonne of sugar, higher than 3 lakh tonne in the year-ago period.
In the domestic market, ISMA said mills sold 47.50 lakh tonne of sugar during October-November, against the government fixed sale quota of 46.50 lakh tonne for the same period.
Total sugar production reached 115.55 lakh tonne during the two months under review, as against 110.74 lakh tonne in the year-ago period.
The rushing operation is underway in sugarcane growing states.