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Mumbai, July 23 (PTI) Sugar prices in Mumbai have gone up by over 5 per cent in the wake of mills apparently deciding not to sell the sweetener below Rs 2,700 per quintal. At the Vashi wholesale market, the price of M-30 variety (medium sugar) surged by 5.5 per cent or Rs 150/180 per quintal to Rs 2,850/2,950 against Rs 2,700/2,770 yesterday. The S-30 (small sugar) variety shot up by Rs 120/155 or nearly 4 per cent per quintal to Rs 2,800/2,870 as against Rs 2,680/2,715. An industry official said, "Both private and co-operative mills in Maharasthra have declined to sell sugar below Rs 2,700 per quintal." They set this floor price in view of receiving lower quotations against tenders invited for sale of sugar to wholesalers in the state. Fearing a further fall in rates, millers have decided not to sell their produce below a particular price level, the official said. "In bids floated today, the lowest price quoted was Rs 2,500 per quintal, which was much lower than the production cost of sugar and even lower than imported sugar," he added. Mills paid as much as Rs 250 per quintal of sugarcane in the 2009-10 crop year (September-October). Another industry official said that mills in Uttar Pradesh, the country''s second biggest sugar producer, too are contemplating a floor on the selling price of the sweetener. The country''s sugar production is estimated to have touched 18.8 million tonnes in the current year, much higher than the earlier estimate of 16 million tonnes. The annual demand is about 23 million tonnes.
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