• India imported 421k tonnes of Brazilian raw sugar in October; this is its largest offtake in a decade.
  • We think this happened as India’s coastal refineries have turned to Brazil for their raws whilst they wait for the Government to announce an export subsidy.
  • We also think the white premium averaged out at an attractive level for India’s destination refiners.
  • And, of course, Thailand’s low white sugar availability means Africa’s refined sugar buyers have turned to India too.
  • With five weeks left of the year, India has imported 1.9m tonnes of raws, up 400k tonnes year-on-year.
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Will Langston

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