India set to cut sugar import duties to curb record-high prices
MacroCommodity
India is considering lowering sugar import duties to rein in domestic prices that have surged to record highs. Officials are evaluating proposals to reduce or scrap the 100 percent import duty to boost supply ahead of the festival season, when sugar demand rises seasonally. Ex-factory sugar prices in Maharashtra have reached about 46 rupees per kilogram, the highest on record, while sugar futures in New York have climbed to their highest level in about a year amid concerns that El Niño could reduce output. Sugar mills in Uttar Pradesh and Maharashtra plan to start cane crushing 10 to 15 days earlier than the usual early November schedule, and the government has set stock limits for traders to deter hoarding and manage inflation risks.
