Sugar offtake from mills hit in last fortnight due to COVID-19: ISMA
TheoutbreakofCOVID-19hasimpactednotonlytheglobalsugarpricesbutalsoreducedofftakeofthesweetenerfromthedomesticmillsinlastfortnight,buttheimpactcouldbe"temporary",industrybodyISMAsaidonTuesday.
"TheCOVID-19impacthasalsoreducedsugarofftakefromsugarmillsinthelast15daysorso.Itisunderstoodthatsugarinthepipelinewouldhavegotsoldinthewholesaleandretailmarketinthelastcoupleofweeks,"theIndianSugarMillsAssociation(ISMA)saidinastatement.
Asperexpertsinthemarket,itisexpectedthatfreshbuyingfromthesugarmillsmaytakeplacesoonbecausethepipelinewouldhavelargelydriedupduringthelastcoupleofweeks.Thatshouldcontrolsugarpricesandthebuyingshouldhelpthesugarmills,itsaid.
TheISMAfurthersaid:"ThecurrentunprecedentedsituationduetooutbreakofCOVID-19hasimpactedtheglobalsugarpricesalso.However,theimpactcouldbetemporary."
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