The Vietnam Sugar Association forecasts that inventories will continue to be high, meeting all consumer demand. Domestic sugar prices are likely to improve.
According to the ISO Sugar (ISA) report, the world sugar market did not fluctuate much in April. Spot sugar prices ranged from 12.57 cents/lb to 13.02 cents/lb, resulting in a monthly average of 12.81 cents/lb, up less than 1% compared to March.
On April 29, New York futures fell to 11.63 cents/lb, the lowest level since September 2018.
The spread between the ISO White Sugar Price Index (Nominal White Sugar Premium) and daily raw sugar prices fell to a multi-year low of $54.01/ton.
Sugar production in Thailand and India has pushed sugar prices down. These are also the two largest white sugar exporting countries. The low sugar prices even forced Al Khaleej Sugar, the world's largest sugar refinery, to suspend operations at a facility in Dubai in April.
In the domestic market, April had two holidays for the Hung Kings' death anniversary on the 10th of the third lunar month and the April 30-May 1 holiday, but sugar consumption during the month was low. After the holidays, along with hot weather in many places, sugar consumption showed signs of increasing, and sugar prices improved.
According to a report from the Vietnam Sugarcane and Sugar Association (VSSA), by April 30, 19 out of 36 sugar factories nationwide had finished the pressing season. Of which, 7/11 factories were in the North, 5/14 in the Central Highlands, 5/5 in the Southeast, and 2/5 in the Mekong Delta.
Sugar output in the month (from March 31 to April 30, 2019) reached nearly 230,000 tons. However, there was a lot of smuggled sugar, and it was widely sold.
VSSA forecasts that inventories will continue to be high, meeting all consumer demand. Domestic sugar prices are likely to improve.
According to the report of ISO Sugar (ISA), the world sugar market did not fluctuate much in April. Spot sugar prices ranged from 12.57 cents/lb to 13.02 cents/lb, resulting in a monthly average of 12.81 cents/lb, up less than 1% compared to March.
On April 29, New York futures fell to 11.63 cents/lb, the lowest level since September 2018.
The gap between the ISO White Sugar Price Index (Nominal White Sugar Premium) and daily raw sugar prices fell to a multi-year low of $54.01/ton.
Sugar production in Thailand and India has pushed sugar prices down. These are also the two largest white sugar exporting countries. The low sugar prices even forced Al Khaleej Sugar, the world's largest sugar refinery, to suspend operations at a facility in Dubai in April.
In the domestic market, April had two holidays: Hung King's death anniversary on the 10th of the third lunar month and April 30-May 1, but sugar consumption during the month was low. After the holidays, along with hot weather in many places, sugar consumption showed signs of increasing, and sugar prices improved.
According to a report from the Vietnam Sugarcane and Sugar Association (VSSA), by April 30, 19 out of 36 sugar factories nationwide had finished the pressing season. Of which, 7/11 factories are in the North, 5/14 factories are in the Central Highlands, 5/5 factories are in the Southeast, and 2/5 are in the Mekong Delta.
Sugar output in the month (from March 31 to April 30, 2019) reached nearly 230,000 tons. However, smuggled sugar is abundant and widely sold.
VSSA forecasts that inventories will continue to be high, meeting all consumer demand. Domestic sugar prices are likely to improve.
See the detailed April 2019 Sugar Market Report here:
https://cdn.vietnambiz.vn/2019/5/27/bao-cao-thi-truong-duong-thang-42019-15589570564622081628438.pdf
Source: vietnambiz