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Sugar Imports by China May Jump 42% on Shortage, Survey Shows
31.08.2010 11:38 "Agro Perspectiva" (Kyiv) —
Sugar imports by China, the third- largest producer, may surge by as much as 42 percent in 2010 after domestic output dropped for a second straight year and demand increased, according to a survey.
Raw-sugar purchases may reach 1.5 million metric tons compared with 1.06 million in 2009, three of five analysts and traders said in phone interviews last week. Imports may be at least 1 million tons, with amounts above that level determined by demand, according to the remaining two. A total of 1.5 million tons would be the highest volume since at least 2005.
Increased purchases by China may help futures extend a 54 percent surge since May that’s been driven by stronger global demand and damage to cane crops in Indonesia and Pakistan. China’s government has been selling sugar from state stockpiles at a record rate this year to plug a shortfall, according to Gao Wang at Beijing Orient Agribusiness Consultant Co.
«The state reserve will want to gauge China’s own crop size before they make plans for overseas purchases,» said Gao, an analyst the independent research company, referring to the harvest from October. Gao forecast shipments of 1 million to 1.5 million tons.
Raw sugar for October delivery on ICE Futures U. S. in New York closed at 19.96 cents per pound on Aug. 27 after touching a high of 20.32 cents on concern that dry weather may hurt output in Brazil, the largest grower. The most-active contract dropped to 13 cents in intraday trading on May 7.A total of 1.95 million tons of sugar-import quotas have been allocated for 2010, with 80 percent for state-owned companies and 20 percent for the private sector, Beijing Orient’s Gao said. The amount included about 400,000 tons from Cuba every year, Gao said.
Imports between January and July were 716,000 tons, 17 percent less than in the same period last year, according to customs data. Still, July’s shipments were more than twice the amount a year earlier at a record 305,781 tons, the data showed. The top three suppliers are Brazil, Cuba and South Korea.
At the latest auction, held Aug. 12, all the 150,000 tons on offer were sold at an average price of 5,417.73 yuan a ton, about 170 yuan per ton more than in the previous auction in July.
The peak period for sugar usage in China is in late September and early October. Manufacturers ramp up output of sugary moon cakes and other pastries to mark the mid-autumn Festival and National Day holiday.
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