IKAR in Mass and Industry Media

Russian consumption higher

Platts/Kingsman Daily Sugar News

Russia’s sugar consumption may rise to the highest level in six years this year as the country’s expanding population consumes more domestically-produced food and home-brewed alcohol, market researcher Ikar or the Institute for Agricultural Market Studies said, Bloomberg reports. Consumption could increase by 1.2% to 5.68 million mt from 5.61 million last year. Local food has become more popular after the ruble declined since the start of the year, making imports less affordable, while population has increased due to the annexation of Crimea, Ikar said.

Sugar prices in Russia this year will not rise significantly, according to the chairman of the Russian Sugar Producers Union, Agro News reports. The devaluation of the ruble could have a positive impact on the domestic market, by discouraging raw sugar imports at dumping prices, he said.

15.05.14

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