• Indian mills and refiners have exported 5.6m tonnes of sugar out of a 6m tonne export quota this season.
• Mills exported 148k tonnes in August, down from July’s 321k tonne exports.
• Everyone is now waiting for next season’s quota and export subsidy to be announced.

Domestic Mill Exports

• India’s mills exported 148k tonnes of raw and white sugar in August, down 321k tonnes from July. 
• Note: August’s export data is based on preliminary figures.
• Mill exports tend to be of a cyclical nature; export momentum builds across the duration of the crush season.
• This tapers down during the monsoon season partly due to logistical constraints, reduced stock and cane arrears pressure compared to middle of the season.

• The mills exported 37k tonnes of raw sugar in August, down 73k tonnes from July.
• 91k tonnes are in the line-up so far in September with 32k to Indonesia, 21k destined for India’s coastal refineries, 20k Malaysia and 18k to Iran.
• With two weeks to go to the end of 2019/20 season, Indian mills have already exported 2.6m tonnes of raw sugar.
• This is compared to 1.9m tonnes raw sugar exported in 2018/19 season. 

• The mills’ white sugar exports dropped to 110k tonnes in August, from 249k tonnes in July.
• This is due to huge reduced offtake in UAE, Sri Lanka, Afghanistan, Somalia and Sudan, which accounts for a large majority of the drop.

Coastal Refinery Exports

• India’s coastal refineries exported 195k tonnes of sugar in August, up from 167k in July.
• There is already 313k tonnes in the September line-up; a 60% increase from August. 
• A huge volume of 211k tonnes is destined for Sudan, 79k tonnes for Djibouti and 23k tonnes for Somalia. 
• We think a strong flow should continue with Thai refined availability dwindling at this time of the year and Renuka’s Haldia sugar refinery restarting operations.

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