Indian trade official reported that India has signed sugar export contracts with a highest price so far of $276 per tonne freight on board (FOB). The director of Indian Sugar Mills Association stated that $276 a tonne (FOB), is the highest price received for sugar exports in an Industry conference in Singapore. He opined that there is good prospects of exports to Indonesia and Africa. Trade sources said India has sold 14 cargoes of sugar so far, including seven overnight, for shipment between October and December. India has recently entered the sugar export market to cut its bulging stockpiles, following expectations of a bumper domestic crop. Domestic exporters have said they are willing to export at a loss to cut the stocks. The source said that the sugar would be shipped to Bangladesh, Sri Lanka and possibly Indonesia. Each cargo is 12,500 tonnes. An Indian sugar industry official had said the country expected a sugar crop of about 18.2m tonnes in the crop season of this year to September’00, compared with 15.5m tonnes the previous year. |
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