India's sugar prices fall in international markets, could impact exports

Sugar prices have declined by nearly $50 per tonne in international markets for the first time in two months, and this could impact the Indian sugar sector, industry people said.On Thursday, world market prices of refined sugar were $423 per tonne, while crude sugar was trading at 17 cents per pound. On June 8, the price of refined sugar was $467. The price of crude sugar then was 17.80 cents per pound.The sugar industry had predicted that production would decline this year due to the drought in Brazil. Sugar prices in international markets have been rising for the past couple of months as the demand for ethanol was expected to increase and Brazil’s shift towards more ethanol will also have an impact on sugar production, industry people said.“The supply of sugar from Brazil to the world market was declining due to the stagnant growth of sugarcane owing to lack of rains. But in the first week of June, Brazil received an average of 15-20 mm of rain. This saved the damaged ...