About 20 percent of all the sugar waiting to be loaded at main ports in Brazil, the world’s largest producer, is destined for China, according to Williams Servicos Maritimos Ltda.
Vessels waiting yesterday were set to take 563,100 metric tons of the sweetener to the Asian nation, figures from the Recife, Brazil-based shipping agency showed. An 18,000-ton cargo scheduled last week for loading on the United Jalua at the port of Paranagua was canceled, according to the data.
China, the world’s second-biggest sugar consumer after India, imported almost 2.7 million tons from the start of the season in October through June, up from 910,000 tons a year earlier, customs data showed. Chinese demand helped sugar to climb in June and July after three months of declines.
“We know that buying from China halted the drop, and now selling from washed-out cargoes appeared to have help curb the rally for now,” Michael McDougall, head of the Brazil desk at broker Newedge Group in New York, said in a report yesterday.
Vessels waiting at the ports of Recife, Santos and Paranagua yesterday would load a total of 2.82 million tons of the sweetener, little changed from 2.8 million tons a week earlier, the data showed. Shipments were also heading to countries including Egypt, Malaysia, Iran, Canada and Algeria.