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India announces 2m mt sugar export quota to bolster domestic prices

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Staff Writer | March 30, 2018
India's Ministry of Consumer Affairs, Food and Public Distribution Wednesday announced a Minimum Indicative Export Quota or MIEQ of 2 million mt of sugar until the end of the 2017-18 (October-September) season to facilitate the cash flows of mills and bolster domestic prices.
India sugar
Food trade   Domestic sugar prices in India have been falling
The domestic price on the NCDEX in Kolhapur, Maharashtra had fallen 16.4% to $469/mt Wednesday from $561/mt on October 3, 2017, the start of the 2017-18 season. The NCDEX Kolhapur sugar price firmed $4.50/mt Wednesday on the back of the MIEQ announcement.

Domestic sugar prices in India have been falling due to the bumper crop expected this season.

India has had a stunning V-shaped recovery from being a net importer while producing 20.3 million mttq last season to being a net exporter this season with a production estimate of 30.2 million mttq, S&P Global Platts Analytics data showed.