[ad_1]
India, the world’s greatest sugar producer and client, on Might 24 imposed restrictions on exports of the sweetener for the primary time in six years by capping exports at 10 million tonnes.
The federal government additionally requested exporters to hunt export permits, or authorisation, for any abroad shipments between June 1 and Oct. 31.
“Till the restriction to register cargoes with us got here into place on June 1, mills exported about 8.5 million tonnes of sugar,” mentioned a senior authorities official who did not want to be named as he was not authorised to talk to the media.
One other authorities official, who additionally declined to be recognized, confirmed the shipments.
World costs are engaging and sugar mills are eager to money in on greater worldwide charges however they’re ready for the federal government to challenge export permits, merchants mentioned.
“Present international costs are engaging for exports and there’s a large demand for Indian sugar,” mentioned a Mumbai-based vendor with a worldwide buying and selling home. “India might be simply exporting 10 million tonnes.”
“Cane crushing is nearly over and mills have already offered most of their uncooked sugar shares, so within the coming months they’ll primarily be exporting white sugar,” the dealer mentioned.
Cane crushing in India begins in October and begins to taper off by April.
Merchants are presently providing Indian uncooked sugar between $465 and $470 a tonne a free-on-board, and white sugar between $480 and $485 a tonne.
There’s a robust demand for Indian sugar, particularly from Iran, Indonesia, Bangladesh and the UAE (the United Arab Emirates,” mentioned Rahil Shaikh, managing director of MEIR Commodities India, a buying and selling home.
