Pakistan Sugar Mills Association announces crushing season to start on November 21
The Pakistan Sugar Mills Association (PSMA) announced that the sugarcane crushing season will start on November 21, 2024, despite government approval for an additional 500,000 metric tons of sugar exports. A PSMA spokesperson assured sufficient domestic stock for over a month. However, the association’s plans hinge on export permissions and a stock assessment meeting on November 1, anticipating a surplus of 300,000 to 500,000 tons
Islamabad: The Pakistan Sugar Mills Association (PSMA) announced on Saturday that the sugarcane crushing season will begin on November 21, 2024, ensuring sufficient stock availability despite the government’s approval of an additional 500,000 metric tons of sugar for export, reported The Express Tribune.
A PSMA spokesperson said that even after the export, there would still be surplus sugar to cover more than a month of domestic consumption. “All sugar mills will begin the crushing season on November 21, 2024, and the sugar produced in the last 10 days of November will add to the stock,” said the spokesperson.
The Express Tribune reported that the government allowed the export based on manipulated figures of available stocks and consumption patterns. Federal Minister for Industries Rana Tanveer Hussain said mills had agreed to begin crushing once export approval was granted.
However, PSMA’s commitment depends on two conditions: permission for the export of 500,000 metric tons and further export approvals based on a stock assessment at the Sugar Advisory Board (SAB) meeting on November 1. The association expects a surplus of 300,000 to 500,000 tons.
PSMA also highlighted that the government previously required two months’ worth of sugar for strategic reserves. But with a bumper sugarcane crop expected, the SAB decided one month’s reserve was sufficient.
“Delays in export permission have caused liquidity issues, leaving some mills unable to pay cane growers,” said the PSMA. The industry had unsold stocks worth Rs300 billion at the end of September, pledged with banks, and now faces difficulties securing fresh credit for the upcoming crushing season.
Source Link : https://www.chinimandi.com/pakistan-sugar-mills-association-announces-crushing-season-to-start-on-november-21/
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