India may allow more sugar exports to prevent defaults
时间:2024-06-26 14:24:51 阅读(143)
India may allow sugar mills to export more than previously permitted to help them prevent defaults on contracts, according to people familiar with the matter.The government is considering giving the green light to additional sales of as much as 1.2 million tons of sugar for the year ending Sept. 30, said the people, who asked to remain anonymous citing confidential matters. That’s on top of the current quota of 10 million tons.
India, the world’s second-biggest sugar producer, restricted exports in May to safeguard its food supplies. Now, with inventories appearing sufficient to satisfy domestic consumption, growers have asked to increase shipments. Any additional exports this year may pressure global prices.
A spokesperson representing both the trade and food ministries didn’t immediately respond to requests for comment.
Preliminary reports indicate that sugar cane area in top growers Uttar Pradesh and Maharashtra is higher for the crop that will be harvested in the season starting Oct. 1, suggesting supplies are adequate going into next year, Jhunjhunwala said.
Crop OptimismEven after exporting an additional 1 million tons this season, the country will have more than 6 million tons in closing stockpiles on Sept. 30, enough to meet local demand before cane crushing starts in October, said Jhunjhunwala.
From the current quota, mills have already exported a record 9.4 million tons this season and the rest is yet to be shipped, Jhunjhunwala said. Still, domestic prices remain low, he said.
“We are hopeful that the government will approve our request in anticipation next year we will have a good crop,” he said.
India was the top sugar exporter after Brazil last year and counts Indonesia, Bangladesh, Malaysia and Dubai among its customers. India rarely shipped more than 7 million tons until last year, when exports hit a record 7.2 million.
上一篇:MCX Gold looks positive on charts on weakness in Indian Rupee; support seen at 200-DMA of Rs 49700
猜你喜欢
- Nifty to hit 17600 in coming weeks, volatility on cards, Bank Nifty support at 34800; TCS, HCL Tech top stocks
- Nifty selling pressure to continue under 17800; Godrej Properties, Dr Reddy’s among top stocks to buy
- Nifty soars past 17300, Sensex surges 1
- Islamic State group claims responsibility for a minibus explosion in Afghan capital that killed 5
- MCX crude oil weak in near-term, may fall to Rs 7000 this week; Covid lockdown, Fed rate hike weigh on outlook
- Nifty sits in crucial resistance zone, will bulls continue to rally- 5 things to know before opening bell
- IRCTC Tejas Express Ahmedabad to Mumbai exclusive pics- India’s 2nd private train to be flagged off on Jan 17
- Nifty to defend 19600 or give up gains- See GIFT Nifty, FII data, crude, F&O ban, more before market opens
- IPO preparations- Unacademy founders take pay cut, may shut down some businesses