• Indian mills have exported almost 3.5m tonnes of subsidised sugar this season. 
• More than half of the exports are as raws. 
• Exports have slowed as a result of the low world market prices; we don’t think the full 5m tonne quota will be met. 

Mill Exports Close to Finished 

• Indian exports have slowed since May because weak world market prices haven’t allowed profitable exports. 
• Indian mills have exported 3.5m tonnes sugar under this year’s subsidised export program.  
• More than half of the exports were raws while lower-quality whites (LQW) made up most of the remainder.  
• We think overall exports might reach 3.75m tonnes by the end of the season. 

Iran – Top Home for Indian Raws

• 1.8m tonnes of Indian raws has been exported so far this season. 
• This includes 550k tonnes which have been sold to Indian Coastal Refineries, a direct displacement for Brazilian raws demand. 
• Iran has lifted close to 600k tonnes of Indian raws under a government to government deal. 

Market Conditions Do Not Incentivise Whites Exports 

• 1.5m tonnes of Indian whites have been exported so far. 
• Homes have concentrated in Sri Lanka, Afghanistan and African regions such as Somalia, Sudan, and Djibouti (for Ethiopia).  
• Current market levels do not incentivise subsidized exports as mills need No.5 price of $ 355/mt to export and fulfil cane payments.