Sugar millers in Pakistan have joined hands and closed their production units in an apparent attempt to push down prices of sugarcane, which have gone above the support price, breaching the production cost of sugar, according to local press reports.
The suspension of sugar imports that commenced on 9th September has had the desired impact of revitalising the local sugar market.
Brazil – Chronic indebtedness likely to result in more sugar plants seeking bankruptcy protection [Full subscriber]
Even though the interest rate in Brazil has fallen and the market for locally produced ethanol has recovered, some of the chronically-indebted sugar-ethanol plants and those with high production costs could end up filing for bankruptcy protection.
The Office of the Cane and Sugar Board (OCSB) projects the sugar industry will lose THB10 billion (US$326 million) in the upcoming sugar-crushing season because of the baht’s appreciation and the global oversupply, according to the Bangkok Post.
Chinese sugar mills plan to ask the nation’s Ministry of Commerce to extend hefty tariffs on sugar imports that Beijing imposed in 2017 to protect China’s struggling domestic sector, according to two sources and a draft document viewed by Reuters
Philippines – Top senator chides SRA for not fully spending allocated budget to drive improvements in the sugar sector [Full subscriber]
The Senate Committee on Agriculture and Food will be conducting a hearing on 15th August to look into the alleged failure of the Sugar Regulatory Administration (SRA) to implement the Sugar Industry Development Act (SIDA) for underspending the allocated budget.
The Tanzanian businessman Mohammed Dewji is to invest US$ 148 million in the sugarcane industry, according to the Russian press wire Regnum. This is part of the US$375 million his company is planning to invest in the over the next five years.
The European Union (EU) has funded around €29 million for the revival of the Ivorian sugar sector, according to the representative of the Minister of Agriculture and Rural Development, Bernard Kouassi.
A combination of declining cane production, impacted by weather in particular (namely droughts) and delays in the payment of European aid is threatening the survival of Martinique’s sugar industry, according to local press reports.