Lanka to import sugar from India
Sri Lanka, south Asia's biggest sugar importer, is firming up deals to buy the sweetener from India taking advantage of its glut due to high production this year.
By PTI |
COLOMBO: Sri Lanka, south Asia's biggest sugar importer, is firming up deals to buy the sweetener from India taking advantage of its glut due to high production this year.
"We will need over 50,000 tonnes of the sweetener every month. We are firming up orders for sugar imports from India and will decide about our immediate requirement soon," a trader said here. Indian sugar which is fetching around $290 a tonne from Sri Lankan importers could face hard bargaining as countries like Thailand have emerged as major competitors.
Though the Indian sweetener fetches less than those from Thailand and other countries, the huge production this year could depress international prices.
According to the Indian Sugar Mills Association forecast, sugar output in 2006-07 sugar season (ending September) will touch around 30 million tonnes. Record production is also expected in Brazil, China, Indonesia, Pakistan and Thailand.
"We will need over 50,000 tonnes of the sweetener every month. We are firming up orders for sugar imports from India and will decide about our immediate requirement soon," a trader said here. Indian sugar which is fetching around $290 a tonne from Sri Lankan importers could face hard bargaining as countries like Thailand have emerged as major competitors.
Though the Indian sweetener fetches less than those from Thailand and other countries, the huge production this year could depress international prices.
According to the Indian Sugar Mills Association forecast, sugar output in 2006-07 sugar season (ending September) will touch around 30 million tonnes. Record production is also expected in Brazil, China, Indonesia, Pakistan and Thailand.
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