March 7 (Bloomberg) -- The amount of sugar awaiting loading at ports in top producer Brazil fell 17 percent over the past week, with vessels bound for Nigeria, China and India, according to shipping agency Williams Servicos Maritimos Ltda.
As many as 1.3 million metric tons of sugar were waiting to be loaded onto ships at the ports of Maceio, Recife, Vitoria Paranagua and Santos, the country’s biggest, figures e-mailed yesterday from the Recife, Brazil-based shipping agency showed. That compares with 1.58 million tons a week earlier.
The amount of sugar awaiting loading is still about a million tons higher than in the same period last year, Luiz Carlos dos Santos Jr., head of sugar brokerage and operations at broker and consultancy SA Commodities in Santos, said in a report e-mailed yesterday.
Vessels bound to Nigeria were scheduled to take 118,300 ton of raw sugar, while ships set to sail to China would take another 107,900 tons, according to Williams Brasil. China has imported about 980,000 tons of sugar from the start of the season in October through to January, customs data on Bloomberg show. That is almost 50 percent of the 2 million tons the U.S. Department of Agriculture forecast the country will bring in.
Shipments scheduled to India, the second-biggest producer and largest consumer, were set to be 88,500 tons, according to Williams Brasil. The nation, looking to profit from a rise in the premium white sugar commands over the raw variety, is importing for refining and re-exports.
White sugar in London was $116.4773 a ton more expensive than the raw futures 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.