409 words / 2 minute reading time

  • The turning point of the coronavirus pandemic is yet to arrive and its impact on global economy continues.
  • Domestic companies continue to resume work and improve, plus the consumer demand is growing rapidly.
  • As we move through March, fresh supply continues to enter domestic market, but the demand is relatively weak.

Market News  

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Physical & Futures Prices  

  • Last Friday, the No.11 raws price closed at 10.9 c/lb, up 1.87% from the previous day.
  • Last Friday, the ZCE main contract closed at 5496 yuan/mt – this is a slight increase of 0.16% from the day before.
  • The average price of Guangxi was 5640 yuan/mt, down by 1.4% from the previous week; physical premium at 175 yuan/mt.
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Domestic Production & Sales  

  • Hainan has finished cane crushing for the season; Guangxi and Guangdong are also closing in this week.
  • Yunnan would be the only region crushing and supplying fresh sugar.
  • The pandemic’s impact could show on the March sales data.
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Imports and Currency  

  • Refineries in both Northern and Southern China have starting operations and their supply is increasing.
  • We think they are processing the 400k tonnes of Cuban raws carried from 2019 because the new import quota and additional import licences (AIL) have not issued yet.
  • The current import cost is 4100 and 5000 yuan/mt under 50% and 85% duty respectively.
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Rosa Li

Rosa graduated from Jinan University in 2012 with a bachelor’s degree in Marketing. Rosa joined CZ in 2014 and has been an analyst for 7 years in our Guangzhou office managing the data capture, analysis and visualisation within the Chinese sugar markets utilising her skills in SQL, Python and VBA while also providing content for our platform CZ App. Rosa is also responsible for the localization of CZ App in China – CZ App WeChat, she also assists with the commercial marketing in China and works towards strategy with the trading team.

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