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Commodity Tips, Govt fixing sugar release quota for mills to arrest falling prices
Move comes days after govt doubled import duty on sugar to 100%, from existing 50% to check cheap imports from Pakistan
The Centre is looking to cap the number of sugar mills can sell on the open market. This is to prevent sugar prices from falling sharply, which, in turn, would help mills in making sugarcane payments quicker to farmers.
“There was a stockholding limit on sugar mills, which has been reworked,” a senior government official said.
Sources said new orders on this would be issued soon. According to them, mills have to hold at the end of February 83 percent of the sugar stock with them on January 31, and at the end of March, the sugar stock with them will be 86 percent of what they had on February 28.
In other words, the government has set the quantity of sugar that can be released in the market by mills and the limit will vary from unit to unit.
Abinash Varma, director general of the Indian Sugar Mills Association, said: “The government move will help improve market sentiment because there will be some control on excess sugar supplies and that, in turn, will help improve falling prices.”
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