Sugar mills sign export deals without government subsidy

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MUMBAI: Sugar mills have started selling sugar without the support of government subsidies, which could lift exports by 14% from a year ago to a record 6.5 million tonnes in 2020/21, industry officials told Reuters on Wednesday.
The exports will help the world’s second-biggest sugar producer to lower stockpiles and support local prices, which, at odds with the global market, have been under pressure from oversupply at home.
They could also cap a rally in benchmark prices in New York and London, which jumped to 4-year highs earlier this year.
“India could easily export 6.5 million tonnes in the current season. Exports could rise even further if global prices rise above 18 cents,” Prakash Naiknavare, managing director of the National Federation of Cooperative Sugar Factories Ltd, said.
New York raw sugar futures traded around 16.84 cents per lb on Wednesday.
In mid-December, India…

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