Brazil Sugar at Ports Rises 23% as Ships Head to Algeria
The amount of sugar awaiting loading at ports in top producer Brazil climbed 23 percent over the past week, with ships bound for Algeria, the Black Sea region and India, according to Williams Servicos Maritimos Ltda.
About 1.45 million metric tons of the sweetener were waiting to be loaded onto ships at Recife, Maceio, Paranagua and Santos, the country’s biggest port, figures e-mailed yesterday from the Recife, Brazil-based shipping agency showed. That compared with 1.18 million tons a week earlier.
About 14 percent of all the raw sugar awaiting loading, or 163,200 tons, was bound to Algeria. The nation has a sugar refining business. Ships scheduled to sail to the Black Sea region would take 91,500 tons of raw sugar and another 87,500 tons were heading to India, the world’s second-biggest producer.
Indian refiners, seeking to profit from a slump in global prices, have contracted to import about 919,000 tons of raw sugar since Oct. 1, including about 190,000 tons for sale in the local market, according to Abinash Verma, director general of the New Delhi-based Indian Sugar Mills Association.
Countries in West Africa were scheduled to receive either white or crystal sugar, the Williams Brasil data showed. Ships heading to Ghana would take 56,500 tons, while another 35,000 tons were set to be shipped to unidentified ports in West Africa.
Raw sugar for March delivery slid 0.2 percent to 18.47 cents a pound by 6:07 a.m. on ICE Futures U.S. in New York.
To contact the reporter on this story: Isis Almeida in London at Ialmeida3@bloomberg.net
To contact the editor responsible for this story: Claudia Carpenter at Ccarpenter2@bloomberg.net.