The curbs by the world’s biggest sugar producer could could boost benchmark white sugar prices, which are already trading near five-year highs
Workers harvest sugarcane in a field in Maharashtra, India. Picture: REUTERS/RAJENDRA JADHAV India is likely to impose a ceiling on sugar exports for a second straight year starting this October, aiming to ensure ample domestic supplies and keep a lid on local prices, industry and government sources said on Friday.
Among factors underpinning global sugar prices this year are lower sugar output in Brazil, a leading producer and the biggest exporter, and crude oil prices at multi-year highs. Higher crude oil prices encourage sugar mills to divert more cane to produce ethanol for blending into gasoline. "There is a need to regulate exports to avoid any kind of panic in the market," said a senior government official with knowledge of the matter.
New Delhi on May 24 imposed restrictions on sugar exports for the first time in six years with a cap for this season of 10-million tonnes.
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