Turkish Sugar Factories Are Struggling to Sell Sugar Due to a Severe Drop In Demand

Turkish sugar factories and traders are facing difficulties in selling sugar due to a severe fall in demand in 2023 and stock oversupply, driving sugar prices down rapidly. Factories and importers are almost unable to find customers to sell the sugar they produce or purchase. Turkish Sugar Refineries Corporation sells its products at USD 860-950/MT to food manufacturers and domestic companies and is expected to continue selling sugar at USD 860/MT within the scope of the fight against inflation. Other origins' white refined sugar (Icumsa 45) prices in W2 range between USD 620-640/MT CFR to Turkey's main port. Currently, only exporters of value-added sugar products with an import permit are able to import sugar from other origins.