Latest News – Faced with a sharp increase in raw sugar import due to crash in its prices in the overseas markets, mills in India have urged the government to raise import duty to 60% from the existing 40%.
The government has allowed import of 500,000 tonnes of raw sugar by the end of June 30, 2017, which according to industry sources, mills have already contracted for. Of which, Indian mills have already imported 477,000 tonnes. The price crash in the global markets, however, has made raw sugar import viable even with 40% customs duty.
The Indian mills have contracted for another 296,000 tonnes for which the consignment has been dispatched from the Brazilian port in the second week of June, which will reach India by July end. This will make Indian markets flooded with imported sugar despite the abundance of its availability from local sources.
Letter from one of the members of Indian Sugar Mills Association (ISMA) to its chairman G Sarita Reddy, said: “Mills would require sugar price at Rs 36 a kg to enable them to pay the Fair and Remunerative (Read More)