The price of sugar cane is on the rise thanks to high demands from sugar manufacturers, however the price of refined sugar keeps dropping.
|The price of sugar cane is on the rise thanks to high demands from sugar manufacturers|
Sugar cane was traded at VND270-190 per kilogram in Hau Giang Province’s Phung Hiep District yesterday, an increase of VND50-70 per kilogram compared to last month.
The Phung Hiep and Vi Thanh sugar factories bought high-quality sugar cane at VND400 per kilogram.
Over half of the ripening stock in a 2,000-hectare canebrake was pre-sold in Phung Hiep over the course of only a few days, bringing relief to growers worried that the market was headed for a downturn.
Nguyen Quoc Bao, Vice chairman of the People’s Committee of Ben Tre Province, said 120,000 tons of sugar cane had been leveled by Typhoon Durian.
In response, provincial authorities suggested that the Ben Tre Sugar Factory make the purchase of fallen plants a priority, in order to help reduce losses.
Meanwhile, the price of refined sugar has gone down from VND8,800-9,000 to VND6,800 per kilogram.
Nguyen Thanh Long, General Director of the Can Tho Sugar Cane and Sugar Company, said sugar prices go down once all the factories go into production.
Local producers are also worried that sugar will soon be flooding into Viet Nam from Thailand, where new sugar production facilities are on the rise and a bumper crop has been harvested this year.
It is forecast that if the price of sugar falls under VND6,500 per kilogram, sugar producers will suffer losses.