Business Standard says market scenario for export of sugar is not favorable and it is unlikely pick up in the foreseeable future.
As per data released by an international agency that tracks commodities, so far only 383,000 tonnes of sugar have been shipped and a lot more is still in the pipeline.
Meanwhile, word is that Maharashtra State Co-operative Bank has decided to give a bridge loan to co-operative sugar mills against export subsidy receivables from the Center which will allow banks to release a large amount of sugar stocks mortgaged by around 100 mills in the state for export.
Sources believe there are several factors responsible for a discouraging market situation for export of sugar including appreciation of rupee against dollar, a sharp drop in crude prices and, even sugar prices being down 15-20 per cent from the peak.
