Following govt pressure, sugar prices remain stable for more than a week
PUNE: After mounting pressure from the central government, sugar prices have remained stable but firm during last week.
The wholesale prices at Vashi market in Mumbai had increased to Rs 40/kg and were expected to cross this psychological barrier. However, after the central government mounted pressure on the industry to tame prices, they have remained stable but firm.
“In fact, the ex-mill sugar prices have declined by about Rs 50/quintal,” said Sanjiv Babar, managing director, Maharashtra State Cooperative Sugar Factories Federation.
The industry veterans pointed that the wholesale prices and the ex-mill prices have been trending almost at same levels from last few weeks indicating that traders were doing profit booking.
The wholesale price of sugar at the Vashi market has been stable at Rs 39/kg for S 0 grade sugar and at about Rs 40/kg for M30 grade of sugar.
The sugar commissionerate of Maharashtra had held a meeting of the representatives of all the co-operative sugar mills in the state last week and ‘advised’ the sugar mills to keep selling the sweetener as the central government was concerned about the rising prices.
Source: ECONOMIC TIMES