Domestic Sugar Market Overview (Ex-Mill Rates) Excluding GST

Despite seasonal transitions and policy recalibrations, ex-mill sugar prices across major producing states reflect a mixed sentiment:

Region Grade Price Range (₹/quintal) Observations
Tamil Nadu S/30 ₹4,120 – ₹4,200 Premium pricing sustained; southern mills benefit from logistical proximity to ports.
M/30 ₹4,175 – ₹4,250
Madhya Pradesh S/30 ₹3,985 – ₹4,010
M/30 ₹4,055 – ₹4,080
Punjab M/30 ₹4,000 – ₹4,301
Uttar Pradesh M-grade ₹3,950 – ₹4,050
Maharashtra S-grade ₹3,875– ₹3,925

🌍 Global Sugar Futures Snapshot

ICE White Sugar #5 (London)

• October 2025 Contract: Closed at $491.00, down $11.10 (−2.21% daily).
• December 2025 Contract: Settled at $476.10, down $10.20.
• Outlook: Weakening trend ahead of October expiry (first notice: Sept 16) suggests bearish sentiment, possibly driven by macroeconomic headwinds and currency volatility.

ICE Raw Sugar #11 (New York)

• October 2025 Contract: 16.14 US¢/lb, down 1.20%.
• Implication: Raw sugar prices mirror global softness, with Brazilian Real strengthening slightly—potentially impacting export competitiveness.

🛢️ Crude Oil & Currency Impact

Crude Oil Benchmarks

Type Price (USD/barrel) Trend
WTI (Oct 2025) $65.59 ↑ $1.58
Brent (Sep 3) $69.07 ↓ $0.07
Indian Basket (Aug Avg) $69.11 Stable

• Implication for Sugar-Ethanol Linkage: Crude remains below last year’s levels, tempering ethanol parity arguments. However, short-term volatility may still influence diversion decisions.

Currency Exchange

Pair Rate Movement
USD/INR ₹88.01 Stable
USD/BRL R$5.47 Slight BRL appreciation

• Impact: A stable INR supports import cost containment, while BRL strength may dampen Brazilian export aggression—potentially supportive for Indian export parity if global prices recover.