Sugar prices fall on higher supply

The domestic wholesale prices of white sugar fell to between VND18,000-VND18,500/kg from the high of VND22,000/kg on the supply excess demand.

The domestic wholesale prices of white sugar fell to between VND18,000-VND18,500/kg from the high of VND22,000/kg on the supply excess demand, the online newspaper DangCongSanVietnam reported on April 8.

The 2010-2011 sugar output is estimated to reach 1 million tons compared with 890,000 tons in the previous 2009-2010 crushing season, while sugar demand would reach 1.2 million tons next year, MoIT said.

Sugar production is estimated to reach 860,000 tons as of March 15, up 70,300 tons on-year

The prices of sugar is predicted to slow down as the sugar inventory remains high at 418,900 tons as of March 15 or roughly 50% of total sugar output, up 97,000 tons on-year. Sugar sales just reached 85,000 tons from February 15 to March 15, the Ministry of Agriculture and Rural Development (MARD) said.

Local sugar firms also dropped the price of sugarcane at the Mekong Delta.

Earlier, the Ministry of Finance(MoF) has issued the Circular 29/2001/TT-BTC to cut tariff on imported sugar to 15% from April 4, MoF said.

The Ministry of Industry and Trade (MoIT) has granted a quota of 140,000 tons of refined and crude sugar to 24 local sugar importers until 7 July 201. – Stoxplus.com

Tags: Vietnam Sugar Prices