Business

Sugar mills rush to sign for exports as prices rally


Indian mills have contracted to export 4.3 million tonnes of sugar so far in the 2020-21 season ending on September 30, a trade body said on Wednesday, as a rally in global prices to a four-year high and an export subsidy makes overseas sales lucrative.

Higher exports from the world’s second-biggest sugar producer could cap gains in global prices, which have been buoyed by lower production in Thailand, the world’s second-biggest exporter.

The exports will help India reduce stockpiles and support local prices of the sweetener, crucial in ensuring millions of cane farmers get government-mandated prices.

“Around 4.3 million tonnes of export contracts have already been signed,” the Indian Sugar Mills Association (ISMA) said in a statement.

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