Last week, the average price of first-level sugar was 5,616 yuan/ton, and the average price of first-level sugar was 5,596 yuan/ton on weekends. The price dropped by 0.36% and the price dropped by 3.17% compared with the same period last year.
Market analysis
White sugar:
At present, the global sugar supply exceeds 1.5 million tons in 2020/22, and the sugar supply exceeds 2.7 million tons in 2020/21. This year, the domestic sugar output is expected to be 10.67 million tons, and the output will increase by about 260,000 tons year-on-year. The sugar supply is sufficient. At the same time, the current domestic sugar inventory is also at a relatively high position year-on-year, putting pressure on the disk.
my country imported 1.43 million tons of sugar from January to April 2021, an increase of 910,000 tons year-on-year, and imports remained high. The import of syrup has declined in recent months, but China's sugar imports continue to increase sharply, suppressing sugar; under the record system, it is expected that China's sugar imports will continue to increase in the later period. Due to the cancellation of the import tax protection policy, future imports will increase. It is predicted that the stock will increase slightly in the future. The specific situation depends on the actual import situation. It does not mean that it is absolutely bad. The inventory-to-consumption ratio increased slightly and remained at a low level.
Forecast
At the end of the squeezing season, the peak of sugar inventory has passed, and now it is in the destocking stage. Due to the increase in imported sugar, the short-term data inventory is the highest in the past five years. It is expected that the price of sugar may fluctuate mainly in the short term.
