SunSirs: China Sugar Prices Fall in December 2024

According to the monitoring of the commodity market analysis system of SunSirs, the average price of first grade white sugar in China was 6,306 RMB/ton at the beginning of the month, and 6,250 RMB/ton at the end of the month, with a price drop of 0.89%.

Domestic supply and demand: During the 2024/25 sugar production period, all sugar beet sugar mills have started production, and sugarcane sugar mills have also started squeezing one after another. A total of 1.3679 million tons of sugar were produced nationwide, an increase of 481,600 tons or 54.34% year-on-year; Accumulated sales of 609,000 tons of sugar, an increase of 292,200 tons year-on-year, with a growth rate of 92.23%; The cumulative sugar sales rate is 44.52%. The inventory is 758,900 tons, an increase of 19.5% compared to the average of the past four years.

The price of raw sugar fell under pressure in December, and currently the profit of refined sugar is still low. After the reduction of production in Brazil, the raw sugar side does not have strong upward momentum for the time being. The recovery of the price difference between raw sugar and white sugar is likely to require the decline of raw sugar. The recovery of import profits will greatly alleviate the pressure of short-term quota imports, and it is expected that the missing imported syrup portion will be supplemented.

In December, the domestic sugar supply was sufficient and the price of raw sugar fell under pressure, resulting in a combination of negative factors. It is expected that the price of white sugar will mainly fluctuate and weaken in the short term.

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