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A record 2.5 million tonnes of raw sugar to be imported
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Saturday, 27 June, 2009, 08 : 00 AM [IST]
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Our Bureau, New Delhi
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India's raw sugar imports is set to touch a record 2.5 million tonnes in the current sugar season ending September. According to industry estimates, import contracts close to 2 million tonnes have already been signed by various companies and another 5 lakh tonnes is likely to get contracted by September. Till date, over 1.85 million tonnes have already arrived. Most of these imports are from Brazil. The initial contracts were taking place at $280-300 a tonne. However, with the entry of India and lower output forecast in most production countries, global prices have been on the increase due to which recent contracts have been made at $325-340 a tonne.
The government has permitted duty free imports of raw sugar to tide over the shortage and keep sugar prices under check. Domestic sugar prices have moved up by 50% since October and are currently ruling at Rs 28-30 a kg. The decision to allow import of raw sugar follows a 44% drop in domestic production to 14.7mt from 26.5mt last year. According to a report in The Financial Express, Renuka Sugars, which has a national presence with the largest refining capacity of 4,000 tonnes per day (tcd) and ios expanding it tio over 6,000 tcd, has contracted import of about 7.53 lakh tonnes of raw sugar. Simbhaoli Sugars, which owns three sugar mills in UP, has contracted import of 1.12 lakh tonnes, Balrampur Chini one lakh tonnes, Bajaj Hindustan 91,000 tonnes Sakti Sugars 89,000 tonnes and Dhampur Sugars 61,000 tonnes.
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