HUGE SUGAR OUTPUT LEADS TO CRASH IN PRICES OF MOLASSES
Article Abstract:
The price of molasses, a by-product of sugar, has fallen steeply due to an increase in sugar production. Maharashtra, a leading manufacturer of sugar, has recorded an 80 percent slump in the price of molasses at Rs200 per tonne in the past 6 months. Its price was Rs2,000 per tonne in August 1997. The price is likely to fall further as the sugarcane crushing season ends only in May in India. India is likely to have a bumper production of 150-155 lakh tonnes of molasses during 1998-99 (128 lakh tonnes in 1997- 98). Maharashtra is likely to produce 22 lakh tonnes of molasses (13.05 lakh tonnes), Karnataka 5.54 lakh tonnes (3.86 lakh tonnes), Uttar Pradesh 16.40 lakh tonnes and Tamil Nadu 7 lakh tonnes. (ag) (kvr)
Comment:
The price of molasses, a by-product of sugar, has fallen steeply due to an increase in sugar production.
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1999
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GOVT LIKELY TO INCREASE IMPORT DUTY ON SUGAR
Article Abstract:
The government may increase the customs duty on sugar substantially to protect the domestic industry and give them a level playing field. The sugar industry has requested that import duty on sugar be raised to 150 percent, the maximum bound rate allowed under the World Trade Organisation, while an increase to 40 percent is the least minimum requirement of the industry. A customs duty of 5 percent is currently levied on imports of sugar along with a countervailing duty of Rs850 per tonne. An additional customs duty of 4 percent is also levied on imported sugar if it is used as an input in any industrial process. (khr)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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