[INDIAN ECONOMIC NEWS] Good morning, everyone. I’m Kim suhyeon staff of Kamagroup Pvt. Ltd. Here I have an important Indian economic news to share with you which is as undermentioned.
Indian sugar mills have signed deals to export raw sugar for the first time in three years as a rally in New York prices to seven-month highs along with government subsidies made exports lucrative, five dealers and two industry officials told Reuters.
Mills in the world's second biggest sugar producer were reluctant to sign new export contracts until recently as global prices were trading far below local prices.
But a rally in international raw sugar prices along with a rupee hitting a record low has made exports viable.
Mills have contracted to export 150,000 tonnes raw sugar at around $280 per tonne on a free-on-board (FOB) basis for shipment in November-December, the dealers said.
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