Sugar traders at a conference organised by All India Sugar Trades Association (AISTA) says that Indian sugar mills have traded 8.3 lakh tonnes of sugar, reports ET.
Finding market for swelling sugar stock was a major concern of the AGM of the apex body of sugar co-ops held recently in Delhi at NCUI auditorium. Sharad Pawar who was the chief guest exhorted the govt to find markets for export to save the cane growers.
Most of the 8.3 lakh tonnes of sugar contracted for export is raw, said traders. Of the 4.5 lakh tonnes contracted by UP mills, about 2 lakh tonnes are on account of third party contracts.
Maharashtra millers are still lagging behind as their sugar is pledged with the lending institutions, which are not ready to release the sugar at lower price than its bank determined valuation. The lending cooperative banks don’t want to release the sugar trusting that the government subsidy will come in future, writes ET.