According to the monitoring of the commodity market analysis system of SunSirs, the average price of domestic first grade white sugar was 6,594 RMB/ton on July 1st, and 6,608 RMB/ton on July 5th, with a price increase of 0.21% and a decrease of 7.42% compared to the same period last year.
In terms of domestic spot goods, driven by the strong demand during the traditional peak season, the enthusiasm for terminal procurement has increased, the process of destocking has accelerated, and inventory pressure has been reduced. Sugar companies in the Kunming market have quoted 6,310-6,320 RMB/ton, while merchants in the Dali Xiangyun market have slightly raised their prices to 6,210-6,230 RMB/ton, resulting in higher prices for sugar companies.
As of the end of May, all sugarcane factories during the 2023/2024 sugar production period have harvested and squeezed sugar. The total sugar production in China during the 2023/2024 sugar production season was 9.96 million tons, which did not meet the initial estimate of 10 million tons. The import volume from January to May increased significantly year-on-year, and domestic sugar factories began to extract. This week, the domestic purchase and sales data was ideal.
The domestic sugar market has a strong supply and demand relationship, and it is expected that sugar prices will mainly fluctuate and show a strong trend in the short term.
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