According to the China Sugar Association, the top ten sugar companies during 2019/2020 in terms of sugar production are ranked
In a bid to support cane growers and sugar companies during the Covid-19 pandemic, by the end of March 2020, loans to the sugar industry made by the Bank of China Guangxi Branch increased by 73.39% compared with the previous year, according to local press reports.
Driven by declining consumption in the country, the top sugar company Mitsui Sugar and Dainippon Meiji Sugar announced on 25th March they will be merging. Once the merger is completed by April 2021, the new company will merge with Nippon Sugar, according to local press reports.
Grupo Moreno, which operates three plants in the heart of Brazil’s sugarcane belt in Sao Paulo state, filed for bankruptcy protection on 18th September, reported Reuters. This was triggered by negotiations with creditor banks failing – the company’s debt is estimated by the source at around BRL2 billion (US$483.44 million).
Sugar company Thanh Thanh Cong Tay Ninh (SBT) is acquiring Bien Hoa (BHS) in the hope being competitive in both the home and regional market, according to local press reports.
Sugar companies in Brazil face “further defaults and bankruptcies”, according to Fitch Ratings.
Mexico – HFCS imports from USA and reducing exports of refined sugar under the trade pact hits some companies [Registered]
Imports of HFCS from the United States have not only displaced Mexican sugar, but also caused the closure of at least one Mexican refinery, according to Juan Cortina Gallardo, president of the National Chamber of Sugar and Alcohol Industry (CNIAA).
The Chinese government is pushing to restructure the sugar industry in the Guangxi region to strengthen the sector and support improved revenues for cane farmers, reports the Bangkok Post.
Eleven firms won bids in the Ministry of Industry and Trade’s first ever auction of sugar import quotas on September 7.
Share prices of many sugar companies in the Indian market have marked gains this year, helped by strong sugar prices on the international as well as domestic fronts, and supported by low domestic output, according to local press reports.