Source: Ukragroconsult (Ukraine)
India will maintain restrictions on sugar exports to ensure adequate supply to the domestic market and increase ethanol production.
The government’s aim is to keep sugar prices at a reasonable level and increase the use of sugarcane for ethanol production, Bloomberg reports.
As a result, exports are not yet allowed, which has a negative impact on local producers but supports global sugar prices, which have fallen 12 percent this year. Last season, which ended in September 2023, India restricted sugar exports to 6 million tons due to low production, down from 11 million tons the previous year. The government extended the restriction until October in the run-up to the national elections.
According to the Indian Sugar and Bioenergy Producers Association, sugar stocks as of September 30 are expected to be over 9 million tons, which is sufficient for domestic consumption and exports. However, according to some reports, stocks could be as low as 8.5 million tons.
