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Day: August 30, 2014

Sugar mills stuck in huge losses
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Sugar mills stuck in huge losses

Sugar mills stuck in huge losses Raw sugar imports rise 31pc year-on-year Sohel Parvez:   Falling sugar prices on the global market and increased imports have lowered the prices of the sweetener in the domestic market, putting state-owned and private mills in a tight spot. Raw sugar imports surged 31 percent year-on-year to 19.83 lakh tonnes last fiscal year amid the refiners' rush to capitalise on the lower international prices to build up stocks for export and the domestic market. But the International Sugar Organisation on Tuesday said the global sugar consumption needs to outstrip supply by at least three million tonnes before prices recover significantly. In other words, the organisation forecasts extended weakness in prices. Raw sugar price, which traded at $467.9 a tonne at the...