IKAR in Mass and Industry Media

Analyst says Russia's Jan-Mar raw sugar imports up 40% on yr

Prime-Tass

MOSCOW, Apr 5 (Prime-Tass) - Russia's imports of raw sugar amounted to 779,000 tonnes in January-March, up 40% against the same period of 2005, when imports stood at 555,000 tonnes, Evgeny Ivanov, an analyst with Russia's agrarian market institute, said Wednesday.

Almost half of the volume, or 375,000 tonnes, was imported in March due to high domestic prices, Ivanov said. He estimated Russia's raw sugar imports in April to reach around 300,000 tonnes.

Imports increased after a 67% rise occurred in domestic white sugar prices between early December and late February, when the average wholesale ex-gate price hit U.S. $820 per tonne.

But increased processing of raw sugar in March caused a drop in the average price to $694 per tonne as of March 27, Ivanov said.

"Domestic prices might increase now only under pressure of rising world prices of raw sugar. But the domestic market fundamentals encourage a further decline or stabilization," Ivanov said.

Last year, Russia's raw sugar imports amounted to 2.89 million tonnes, up 12.1% on the year.

06.04.06

All viewing: 104
Discuss