Turkey Is Experiencing High Supply and Low Demand for Sugar in November

In Turkey, demand for sugar fell in November. Thus many companies are looking for alternative opportunities for the sugar that has already been purchased. The export quota for Turkish sugar finished as of October 15, 2022. Therefore, only value-added products that contain sugar can be exported out of Turkey. There is poor sugar demand on the domestic market, and most of the purchased sugars from Brazil, India, and Egypt are expected to arrive at the Mersin port in November and December 2022. In W46, Egypt's offers for Icumsa Max 80 type sugar stand at USD 660–680/MT CFR Mersin port. Although these offers were favourable for buyers, sales could not be finalised due to a lack of demand in the domestic market and large existing stocks. In Mersin, traders are offering around USD 740–750/MT from bonded warehouses to local buyers.