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Sugar exports at 3.5 million tonnes

News: Sugar Industry has contracted for 3.5 million tonnes of exports for the 2021-22 sugar season.

Views: With expected sugar production of 31 million tonnes (after the 3.4 million tonnes equivalent diversion towards ethanol), 27 million tonnes of consumption & 6 million tonnes of exports, sugar inventories are likely to come down from 8 million tonnes to 6 million tonnes. This would result in uptick in domestic sugar prices towards ₹38/ kg in next 3-4 months. We believe domestic as well as global sugar prices would remain firm at least for next one year .

Impact: Positive