Feb. 21 (Bloomberg) -- The amount of sugar awaiting loading at ports in top producer Brazil rose 5.3 percent over the past week, with vessels bound for India and Bangladesh, according to shipping agency Williams Servicos Maritimos Ltda.
As many as 1.48 million metric tons of sugar were waiting to be loaded onto ships at the ports of Maceio, Paranagua and Santos, the country’s biggest, figures e-mailed yesterday from the Recife, Brazil-based shipping agency showed. That compares with 1.4 million tons a week earlier.
About 16 percent of all the sugar awaiting loading was headed to Bangladesh or India, the world’s second-biggest sugar producer and largest consumer. Vessels scheduled to go to India were set to take 132,700 tons of raw sugar, according to Williams Brasil, while ships bound for Bangladesh were to carry another 100,000 tons of the variety, the data showed.
Indian refiners are importing the raw sweetener to process and re-export, according to the New Delhi-based Indian Sugar Mills Association. Some of the sugar has been imported for domestic consumption even though the country will have a surplus this season, according to ISMA. Bangladesh has six refiners with the capacity to process 3.58 million tons of the sweetener, according the Bangladesh Sugar Refiners Association.
Raw sugar for delivery in May declined 0.8 percent to 17.99 cents a pound on ICE Futures U.S. in New York by 9:16 a.m. London time.
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.