Global white sugar prices hit a 4-year high

Published Feb 8, 2021

Tridge summary

The price of white sugar in March 2021 on the London floor significantly increased due to a lack of containers in India, affecting sugar exports and causing a global impact on sugar prices. The high demand and limited container availability are disrupting the export of low-quality white sugar to countries like Afghanistan, Sri Lanka, and East Africa. This situation, coupled with geopolitical tensions between India and China, has resulted in a 13% increase in white sugar prices and a 6% rise in raw sugar prices in early 2021. India's sugar production is expected to increase by 10% due to favorable weather conditions, but export targets might not be met because of the container shortage and transportation issues.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

At the end of the session on February 5, 2021, the price of white sugar in March 2021 on London floor increased 9.4 USD (2%) compared to the previous session, to 474.8 USD / ton. In this session, there was a time when the price jumped to 477.7 USD / ton, the highest since April 2017. Compared to early 2021, the price of white sugar has increased by 13%. Similarly, the price of raw sugar in this session also increased by 2.5% to 16.42%, compared to the last session of 2020, the price of raw sugar is currently about 6% higher. The lack of containers in India - the world's second largest sugar producer - is affecting the country's sugar exports, in the context of high world demand. In February 2021, India's white sugar exports were estimated at only 70,000 tons. compared with about 370,000 tons in January 2021, Shree Renuka Sugar Ltd - India's largest sugar exporter - said. Global cargo demand in the second half of 2020 has grown stronger than expected, causing serious container ...

Source: Vinanet