The apex sugar body has urged the govt to not experiment with a new export system
India plans to restrict sugar exports for the first time in six years to prevent a surge in domestic prices, potentially capping this season's exports at 10 million tonnes
Mills have already dispatched around 7.1 million tonnes since the start of the marketing year on Oct. 1, the Indian Sugar Mills Association (ISMA) said
Mills pause after signing deals to export 4 mn tonnes of sugar; diversion of sugar for ethanol reduces stockpiles, say dealers
India could start 2021/22 marketing year on Oct. 1 with carry forward stock of 8.7 million tonnes, down from 10.7 million tonnes a year ago, said Indian Sugar Mills Association
Mills have so far contracted around 5.8 million tonnes of sugar out of the export allocation of 6 million tonnes
Trade sources said it might not impact exports much; of the existing quota of 6 million tonnes, 5.7 million tonnes have already been contracted at higher subsidy rate
The Centre slashed subsidy on sugar exports from Rs 6,000 per tonne to Rs 4,000 per tonne with immediate effect in view of firm global prices
Newer opportunities such as exporting to Indonesia are being thrown up but early closure of mills could be an issue
There was a discussion for a two-way deal under which India will give priority to import palm oil from Indonesia against which the latter was offering to buy raw sugar from here
Union minister Danve Raosaheb Dadarao said sugar mills were advised to export sugar as per their MIEQ (Minimum Indicative Export Quota) allocation
By availing the CXL concession on export to the EU, traders can export sugar at relatively low or zero customs duty
The export subsidies are designed to increase shipments from the world's second-biggest sugar producer and reduce their brimming inventories
Several incentives were linked with fulfilment of export quota
While a stronger rupee and lower crude price have hardened the overseas market, the decline in sugar prices from the peak has made exporting the commodity economically unviable
While the annual consumption is 25.5mt, the total output is estimated at 31.5 mt and 10 mt has been carried over
It said that the discussions were positive, and subject to Indian sugar industry meeting the quality standards and specifications prescribed by South Korea
India's export to China in 2017-18 amounted to $33 billion, while imports stood at $76.2 billion
Efforts are on to increase shipment to Bangladesh, China and Malaysia; the Middle East turns out to be the largest buyer so far
More Indian exports could weigh on global prices and trim the market share of rivals Brazil and Thailand, the world's top two sugar suppliers