Egypt: 1.7% increase in global raw sugar prices during January 2024

Sugar

Egypt

Market & Price Trends

Published Feb 22, 2024

Tridge summary

Global raw sugar prices have risen by 1.7% to $498.4 per ton in January 2024, with a further increase to $522.05 per ton predicted by March 2024, according to the Food Chamber of the Federation of Industries. Egypt, which consumes 3.2 million tons of sugar annually but only produces between 2.7 to 2.8 million tons, plans to increase market supply by 20% to address a shortage. The price of a kilo of sugar has been set at 27 pounds ahead of Ramadan, with the Ministry of Supply and Internal Trade covering the 400,000-ton gap between production and consumption through imports.

Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

The commodity price trends report revealed that global raw sugar prices rose by 1.7%, with the price per ton according to January 2024 trading reaching $498.4 per ton, compared to $489.8 per ton in December 2023. The report - sent by the Food Chamber of the Federation of Industries - revealed that the price of a ton of sugar was recording $602.08 in the month of November 2023. The report, which is based on information received from the Chicago Stock Exchange, also expected that sugar would record a global increase to $522.05 per ton during next March. He pointed out that the volume of Egypt’s consumption of sugar is 3.2 million tons annually, while the volume of production ranges between 2.7 to 2.8 million tons annually, including 800 thousand tons of sugar from sugar cane by the Sugar and Chemical Industries Company, and 1.2 million tons of sugar. of beets by government companies and the private sector, in addition to providing about 700 thousand tons through the private sector. ...

Source: Youm7