India’s sugar production slips, mill closures accelerate
MUMBAI, April 16 (Reuters) – Indian mills produced 31.09 million metric tons of sugar between Oct. 1 and April 15, down 0.5% from the previous year due to lower output in the key producing southern state of Karnataka, a leading industry body said on Tuesday.
Sugar mills are closing their operations at a higher pace than last year and so far, 448 mills have closed compared to 401 a year ago, the Indian Sugar & Bio-Energy Manufacturers Association (ISMA) said.
Western state of Maharashtra has produced 10.9 million tons of sugar so far this season, while northern state of Uttar Pradesh has churned out 10.1 million tons, the ISMA said.
The world’s second-largest sugar producer has not allowed exports in the current season to keep a lid on local prices ahead of India’s parliamentary election, which is being held over nearly seven weeks from April 19.
Source Link : https://www.reuters.com/markets/commodities/indias-sugar-production-slips-mill-closures-accelerate-2024-04-16/
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