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We are, one of the best and reliable sources in the internet world to provide the World sugar price and latest global sugar industry, ethanol industry and sugar cane news on daily basis of both White sugar and Raw sugar.
Local sugar manufacturers in India might be the only ones benefiting from India?s Government decision of turning down the proposal of relaxing norms for imported sugar.
The Government decided not to allow foreign players to import raw sugar and sell it in the domestic market after refining it.
Proposal made by Al Khaleej Sugar - To import raw sugar, refine it in India and sell it locally without the obligation to export the same quantity it was imported was rejected by the Foreign Investment Promotion Board.
The company defends the idea that the large volume involved would eventually force prices down, benefiting consumers in India. Al Khaleej Sugar, based in Dubai, is the largest refiner in the world. The Board was not convinced by the argument. "For now, we will put our plans for incorporating an Indian company on hold?, Al Khaleej said. Al Khaleej also decided that it will not challenge the decision but is not willing, ?for now?, to invest under the regular norm, (grain-by-grain), whereby it would not be able to sell in the domestic market.
The government?s move is aimed at protecting the local sugar industry. Although current Indian norms allow 100% foreign direct investment (FDI) in sugar, it?s the technicalities that might keep foreign companies out.
Fundamental Analysis Restricted supplies in the Spot markets led to surge in the Sugar prices across major markets on Friday. Sugar Futures recovered in the last 2-3 days due strengthening Newyork raws and London white Sugar futures.
Raw as well as white Sugar futures in the global markets rose in the last 2-3 days due to tightening world wide supplies of Sugar amid lower production in India and expected lower yield from Sugarcane in Brazil.
In the international markets, ethanol demand form Brazil is showing a moderate increase. How far will it continue will decide the Sugar ethanol ratio in Brazil. In the international markets, ethanol demand form Brazil is showing a moderate increase. How far will it continue will decide the Sugar ethanol ratio in Brazil.
From the medium term (May) perspective, fundamentals for Sugar remain strong due to lower production estimates in the India as well as rising deficit in Global markets. Global Sugar demand is expected to outstrip supply and build a larger deficit in 2009-10.
Technical Analysis Sugar prices (NCDEX June 09 Contract) closed at Rs. 2333/qtl, higher than Tuesday?s close of Rs.2328 qtl.
Prices closed above its 5 days and 65 days SMA but below its 20 days SMA indicating a sideways trend. RSI is at 50 is moving in sideways to down manner.
Outlook Talks of lower yield from Brazil?s central South crop have led Newyork and Liffe Sugar to recover in the past 2-3 days. In the Indian market, increased supplies are likely to be overshadowed by the increasing summer season demand. Any significant decline in the prices should be treated as a good buying opportunity as overall, fundamentals remain supportive for the prices with lower output forecast in India and a global deficit of more than 4.3 million tonnes.
According to research by Angel Commodities, Indian Sugar prices are likely to trade in the range of Rs. 2300-2600 per qtl in the medium Term (June). In the international markets, the current sentiments appears to be divided into two camps- the bulls who believe that the ongoing Indian Sugar deficit will eventually rally the market to new highs, and the bears who believe that the increased (new crop) Brazilian production will weigh heavily. We expect ICE Raw Sugar futures to trade between 13-15 cents per pound in the short term.
Brazil will harvest a record 633.7 million tons of sugar this year, up 10.7 percent from 2008, the government announced Thursday.
The country this year will also produce unprecedented amounts of refined sugar and sugar-based ethanol, according to figures released by Conab, the Agriculture Ministry?s crop-forecasting agency.
?That proves that the market for sugar and ethanol continues to accelerate despite the economic crisis,? Conab chief Wagner Rossi said in a statement. Conab attributed the rise in sugar cane production to a 9.9 percent increase in the amount of cropland devoted to it to be able to supply 25 new sugar refineries and plants to produce ethanol, a fuel that is used more heavily than gasoline in Brazil.
Brazil now devotes 7.79 million hectares (19.5 million acres) to sugar cultivation.
According to Conab, of the 61.1 million tons more sugar cane that will be processed this year compared to 2008, 28 million tons of it is production that was left over from last year and that only got to the refineries in 2009.
Conab also announced that while the amount of sugar cane destined for the production of refined sugar will grow this year by 17 percent, while that to be used to manufacture ethanol will only increase by 7.7 percent.
That forecast means that about 37.9 million tons of refined sugar will be produced this year along with a maximum of 28.6 billion liters (about 7.6 billion gallons) of ethanol. In both cases, these will be new production records.
Refined sugar production last year was 31.6 million tons and 26.7 billion liters of ethanol were produced.
Despite the fact that the increase in ethanol production will be just 7.7 percent, Rossi said that the volume will be enough to meet the growing demand for the fuel in Brazil and to increase exports.
Brazil is the world?s largest exporter of sugar-based ethanol.
According to Conab, the current world situation, with oil prices falling and sugar prices rising, provides an incentive for industry to use more sugar cane to produce refined sugar than to make ethanol.
?Today, we export 70 percent of the sugar and about 15 percent of the ethanol. With the appreciation of the dollar against the real, the fall in the Indian harvest and the good international prices for the product, sugar has come to have more attractive remuneration than ethanol,? Conab?s logistics director, Silvio Porto, said. EFE
NEW DELHI: The government?s effort to keep the sugar prices low during the election season could lead to higher sugar prices post-elections, according to industry experts who claim that the current raw sugar import policy is unviable.
In a bid to ensure low prices, the government has allowed zero duty imports of raw sugar for delivery before July 15.
With sugar output projected at a low 14.5 million tonnes in the coming season, the government expects imports of some 35 lakh tonnes of sugar?25 lakh tones raw and 10 lakh tones white sugar ? this season to add to carryover stocks into 2009-10 and bolster domestic supply and temper prices. However, international raw sugar prices have shot up ever since India announced zero duty imports, from around $280/tonne (landed price) to $360/tonne for July contracts.
Now, with the government yet to extend zero-duty imports beyond July 15, mills are forced to import raw sugar at high prices on the background of acute domestic sugarcane production shortage in the coming season, industry insiders say.
SAVANNAH, Ga. --Imperial Sugar says it supports a push by the Obama administration for tougher safety rules targeting industrial dust, which fueled a deadly explosion at the company's Georgia sugar refinery last year.
Imperial Sugar CEO John Sheptor said in a statement Thursday that his company would be an early adopter of new safety standards and would encourage safer practices in the sugar industry.
An explosion at Imperial Sugar's refinery near Savannah killed 14 people after sugar dust inside the plant ignited like gunpowder Feb. 7, 2008. Labor Secretary Hilda Solis announced Tuesday that the Occupational Safety and Health Administration will propose tougher federal standards on combustible dust later this year.
OSHA says dust explosions killed more than 130 American workers since 1980.
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