Indian mill-gate sugar prices drop 25% in a week
Business
Sugar just got a lot cheaper at Indian mills, with prices dropping 25% in only seven days.
Mill-gate prices fell from over ₹6,700 to as low as ₹5,000 per quintal.
While the retail price dipped slightly to ₹64.33 per kg, Mumbai and Chennai are still seeing higher prices around ₹60-₹64 per kg.
Government clears sugar imports tightens stock-limits
The government stepped in before the festive rush by allowing duty-free imports of 1 million tons of raw sugar and tightening stock limits for bulk buyers.
They also ramped up checks on traders to keep hoarding in check.
Plus, refiners will add another 3 lakh tons of sugar in September, so there should be plenty available (and hopefully more stable prices) during festival season.