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NEW DELHI: Sugar makers in India are signing deals with traders and exporters on optimism that the government will soon announce overseas sales quotas for the season that starts this month.
Mills in the South Asian country, which vies with Brazil as the world’s top sugar producer, have so far contracted to export about 1.2 million tonnes and aim to ship as much as eight million tonnes in the 2022-2023 year, according to Rahil Shaikh, managing director of trading company Meir Commodities India Pvt. “The golden opportunity for us is to export between November and May amid a lower crop in Brazil,” said Shaikh, whose company traded about 500,000 tonnes of sugar in the domestic and overseas markets. — Bloomberg
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