ISMA has revised its sugar production estimate to 36.6 MT, up by 1 MT, for 2022-23 sugar season. This is after sacrificing 4.5 MT of sugar for ethanol production.
Thought the current estimate is still a preliminary one, we believe higher production would result in 9 MT of export in the season. According to industry sources, ~ 3 MT of sugar has been already contracted for exports. However, continuous increase in sugar production would keep domestic sugar prices capped at average ~Rs 35-36/kg.
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