Vietnam: Raw sugar price falls to a low of nearly 8.5 months

Published Dec 19, 2023

Tridge summary

The price of raw sugar futures on the ICE exchange and white sugar futures on the London exchange both decreased in the short term due to pressure from rain and concerns about production in main producers India and Thailand, with Indian factories producing 10.7% less sugar than the previous year. However, the Vietnamese sugar industry saw a significant increase in sugarcane and sugar output, but it still only met 1/3 of consumption demand, leading to an increase in sugarcane area and potential for expansion of raw material areas in the future. Additionally, the Ministry of Industry and Trade is investigating new exporters to prevent evasion of trade remedies for cane sugar products imported from ASEAN countries.

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Original content

The price of raw sugar futures for March 2024 on the ICE exchange this morning decreased by 0.58 cents, equivalent to 2.7%, to 20.68 US cents/lb, after decreasing by 5.8% last week. The price of white sugar futures in March 2024 on the London exchange decreased by 14.2 USD, equivalent to 2.3%, to 612.6 USD/ton. Sugar futures price on the exchange on December 19, 2023 The sugar market, which is under pressure due to rain, will return to top producer Brazil next week, dealers said. However, in the long term, sugar prices are still supported by falling output in main producers India and Thailand. During the period October 1 - December 15, 2023, Indian factories produced 10.7% less sugar compared to the same period last year. Some domestic road information: - In early December 2023, the rising momentum of domestic sugar prices showed signs of cooling down as Vietnam entered the 2023/24 sugarcane crop year. - Data from the Vietnam Sugarcane Association (VSSA) shows ...

Source: Vinanet