Almost 24 percent of all the sugar waiting to be loaded at the main ports in Brazil, the world’s largest producer of the commodity, will be shipped to India and Algeria, according to Williams Servicos Maritimos Ltda.
Vessels scheduled to go to India, the second-biggest producer and largest consumer, are set to take 185,055 metric tons of sugar, according to data e-mailed yesterday from the Recife, Brazil-based shipping agency. Ships bound to Algeria would carry 178,750 tons, the data showed.
Algeria imports raw sugar for its refining business as the country doesn’t produce the sweetener, data from the London- based International Sugar Organization showed. Algeria’s Cevital plans to increase purchases of raw sugar for its refinery to 1.5 million tons this year from 1.4 million tons a year earlier as it expands sales of the refined variety in Africa, Alaoa Cheguettine, a trader at the company’s sugar division, said in an interview at the Kingsman SA conference in Dubai on Feb. 3.
Indian refiners, seeking to profit from lower world sugar prices, are importing the raw sweetener to process and re- export, according to the New Delhi-based Indian Sugar Mills Association. Some of the sugar also has been imported for domestic consumption even though the country will have a surplus this season, according to Abinash Verma, ISMA’s director general.
About 1.54 million tons of sugar was waiting to be loaded onto ships at Recife, Maceio, Vitoria, Paranagua and Santos, the country’s biggest port, Williams Brasil data showed. That’s little changed from 1.56 million tons a week earlier.
Raw sugar for delivery in March rose 0.3 percent to 18.25 cents a pound by 6.38 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.