Indian government measures end 2 months of sugar price rises
Business
After two months of steady hikes, sugar prices across India have finally dropped.
In Maharashtra, ex-mill rates for S-30-grade sugar slid over 10% since August 20, and M-30 grades saw similar falls.
This turnaround comes after the government stepped in to cool things down.
India allows duty free sugar imports
The price drop kicked off when the government allowed duty-free imports of 1 million tons of raw sugar until October 31. They also set stricter stock limits for bulk buyers starting September 1, pushing some to quickly sell off their extra supply.
Retail prices have eased too (Pune saw a sweet nearly 20% weekend drop).
Even international markets felt it: global sugar futures dipped following India's move, showing how connected things are these days.