Sugar Price Hike: In this era of inflation, now people are going to get another shock. Actually the rate of sugar is going to increase. In such a situation, you can buy sugar in advance.
Sugarcane production was less this year. But till now its effect was not visible. But as soon as the heat started, the price of sugar increased. Talking about the last two weeks only, during this period the price of sugar has increased by about six percent. It is said that there is continuous demand from wholesale customers. Because of this, further increase in their prices is being expected. Due to this, customers may have to loose more pockets, but it will also be a good thing.
Increase in the price of sugar will increase the income of sugar companies. This will help the sugarcane farmers to clear their dues. According to the report, the profitability of companies in this sector can improve due to the rise in sugar prices. These include companies like Dhampur, Renuka Sugar, Balrampur Chini, Dalmia Bharat and Dwarikesh. With this, these companies will be able to pay the dues of the farmers on time.
According to the report, the sugar production estimate of Maharashtra has been cut. There is a revised estimate of 10.5 million tonnes of sugar production in the state during the sugar year 2022-23 ending September 30. Earlier the total sugar production in the state was estimated at 13.7 million tonnes. The price of sugar has recently increased by Rs 50 to Rs 70 per quintal. The ex mill price of M/30 grade sugar in Maharashtra is running at Rs 3480 to 3500 per quintal.
On the other hand, the price is running at Rs 3550 in Karnataka, Rs 3635 to 3695 in UP, Rs 3501 to 3541 in Gujarat, Rs 3550 to 3600 in Tamil Nadu, Rs 3650 to 3600 in Madhya Pradesh and Rs 3725 to 3771 per quintal in Punjab. This does not include GST. Talking about the spot price, the price of M30 grade sugar is Rs 3,969 in Delhi, Rs 3916.50 in Kanpur, Rs 3727.50 in Kolhapur, Rs 4126.50 in Kolkata and Rs 3885 per quintal in Muzaffarnagar.
Sugar demand increases in summer
The demand for sugar increases every year in summer. In this season, the era of sherbet and shikanji continues in every house. Guests are also offered lassi or sherbet instead of tea. These days the consumption of cold drinks also increases. There is a lot of sugar used in this too. Moreover, sugar consumption is usually high during the wedding season as well.
Sugar export has also been allowed-
The Government of India has allowed its export to give relief to the sugar mills. But only 6.1 million tonnes of sugar is allowed to be exported this season. Earlier, the export of this 11 million tonnes of sugar was allowed last year. Apart from this, it is said that smuggling of sugar in some neighboring countries is also talked about occasionally. Although this is denied at the official level.
