According to the monitoring of SunSirs, the average price of first-class white granulated sugar at the beginning of this month was 5,720 RMB/ ton, and the average price of first-class white granulated sugar at the end of this month was 5,738 RMB/ ton. The price rose 0.31%, and the price fell 1.21% compared with the same period last year.
At the end of November and the beginning of December, sugar mills were successively opened, new sugar quotations increased, and old sugar was still sold. The price of new sugar is 5,600-5,760 RMB/ ton. The import cost within the quota is about 5,450-5,620 RMB/ ton, and the import cost outside the quota is about 6,980-7,120 RMB/ ton.
Imports: In October 2022, China imported 520,000 tons of sugar, a year-on-year decrease of 286,900 tons, or 35.56%. From January to October 2022, the cumulative import of sugar was 4.0246 million tons, a year-on-year decrease of 618100 tons, or 13.31%. The total import volume of syrup in October was 44,400 tons, a year-on-year decrease of 20,100 tons, or 31.2%; From January to October 2022, a total of 940,900 tons of syrup were imported, an increase of 443,500 tons or 89.14% year on year.
As of the first half of November, the cumulative sugar yield in central and southern Brazil decreased by 0.1% year on year, 31.96 million tons, an increase of 0.29% year on year, and the cumulative sugar production ratio was 46%, an increase of 0.8% compared with 45.2% in the same period last year. The core issue of India is still export. The Indian Sugar Association said that it may increase the sugar export quota of 2022/2023 pressing season by 2 million to 4 million tons, keeping the total export volume at the level of 8 million to 10 million tons.
With the new sugar coming on the market, the supply is abundant, and there is no optimistic expectation on the demand side. The sentiment of the white granulated sugar market is still weak. It is expected that the sugar price in December is still difficult to show a strong performance, or it will be dominated by shocks and weak trends.
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