According to the monitoring of the commodity market analysis system of SunSirs, the average price of first grade white sugar in China was 6,554 RMB/ton at the beginning of the week, and 6,538 RMB/ton over the weekend, with a price drop of 0.24%.

The overall growth of sugarcane in the new crushing season in the domestic market is good, with a high yield foundation, but long-term pressure still exists. The downstream Mid Autumn Festival stocking is basically coming to an end, and the spot market lacks upward momentum. In addition, the price of processed sugar continues to decline, seizing the domestic sugar market and weakening the demand for domestic sugar in the sales area ports. It is expected that the import of sugar from China to ports will significantly increase after July.

As of the week ending July 31st, there were 111 ships waiting to load sugar at Brazilian ports, compared to 101 ships in the previous week. The amount of sugar waiting for shipment at the port is 4.9669 million tons, compared to 4.6389 million tons in the previous week. The number of sugar vessels waiting to be shipped for export increased significantly this week, but the amount of sugar waiting to be shipped remains relatively large.

The stocking of domestic white sugar market has basically ended, and there is a lack of momentum for price increases. It is expected that white sugar prices will mainly fluctuate and weaken in the short term.

If you have any questions, please feel free to contact SunSirs with support@sunsirs.com.