BackSugar mills permitted to export 4 lakh tonnes
Sugar mills permitted to export 4 lakh tonnes
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India, the world’s second-biggest sugar producer, has allowed exports of 4,11,946 tonnes after ending a ban on shipments last month, the food ministry said.
The quantity is almost half of the one million tonnes mills are expected to ship in the year ended 30 September. India eased a six-month export ban on 18 December before lifting it completely on 11 January.
Production will reach a record 26.1 million tonnes this year, 5,50,000 tonnes more than previously estimated, C. Czarnikow Sugar Ltd, the world’s biggest sugar broker, has said. That has raised the pressure to boost exports and avoid a domestic glut.
Bajaj Hindusthan Ltd, India’s biggest sugar maker, EID Parry (India) Ltd, Bannari Amman Sugars Ltd and Shree Renuka Sugars Ltd are among the mills that have sought permission, the food ministry said on its website.
Local units of Cargill Inc., the largest US agricultural company, and Australia’s AWB Ltd are among global companies planning to export Indian sugar.
Companies have already exported 21,726 tonnes of the sugar contracted as on 12 February, the ministry’s report said.
White sugar for March delivery on London’s Euronext.liffe on Wednesday fell 1% to $327.50 a tonne.
Sugar has fallen by a third from its 12 May record of $497 a tonne. India halted sugar exports on 4 July to augment supplies and curb inflation.
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