Sugar output down 5.3% y/y in 3-1/2 months: ISMA
Latest News »
- RBI’s forex operations risk India being tagged currency manipulator: report
- Economic fog to clear in India as clutch of data to give clarity
- Uber narrows Q2 loss to $645 million, boosts revenue in turmoil
- Opening bell: Asian markets open mixed; Infosys, Tata Steel, DLF in news
- An ill wind for Suzlon, Inox’s quick recovery hopes
Mumbai: Sugar mills in India produced 10.5 million tonnes of the sweetener between 1 October and 15 January, about 5.3% lower than a year earlier as sugar mills in key producing states closed early due to cane shortage, a producers’ body said on Wednesday.
A drop in production could lift local prices and prompt the world’s second-biggest consumer to allow duty-free imports of the sweetener, supporting global prices that are trading near their highest level in one-and-a-half months.
In top sugar-producing state Maharashtra, 56 mills have closed due to cane shortage, while in Karnataka 21 mills have stopped crushing process, Indian Sugar Mills Association (ISMA) said in a statement.
Sugar mills typically operate between November and April, but this year mills have stopped crushing due to lower cane supplies. Reuters