Sugar prices gain on export rise
Indian sugar mills have gained due to the rise in sugar prices in the international market. This has improved the demand for sugar exports from the country and 28 lakh tonnes of sugar export deals have been sealed so far. Consequently, price of sugar has increased by about Rs 100 per quintal. According to the National Federation of Co-operative Sugar Factories (NFCSF), sugar exports will meet the 60 lakh tonnes target this year.
NFCSF Managing Director Prakash Naiknavare said, “The export demand has increased due to the rise in the prices of sugar in the global market. It seems that the sugar exports target fixed by the government will be met this year.” Last year, the government set a target of 5 million tonnes of sugar under Minimum Indicative Export Quotas (MIEQ). But India managed only 38 lakh tonnes of sugar exports.