ISMA overhaul yield guidance for FY 2018-19

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Indian Sugar Manufacturers Association (ISMA) revised output guidance for the next season from 35 MT to 32 MT and to 31.5 MT if the cane is diverted towards ethanol.

The Sugar mills had a forgettable year in 2018 due to record production at a  growth of 59.1 percent which resulted in glut and lower prices.

Sugar makers endured misfortunes as costs tumbled to Rs 25 a kg in FY17-18. The minimum selling price has since only improved to a small extent at Rs 29 a kg.

Exports were not the answer because global prices too were subdued. Global Sugar prices dropped to below 11 cents a pound in FY17-18. In October, there was a small uptick and touched the level of 13 cents and currently, it is at 19 cents.

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The annual demand of Sugar in India is around 26 million tonne (MT) but companies produced a record 32.5 MT of the commodity in 2017-18 due to good cane season. Usually, Sugar mills keep some inventory and this year, it got piled up due to low demand. The government also took some steps in 2018 to address this issue.

The problem would have precipitated if not for the sharp increase in the output of ethanol, a byproduct of Sugar and the principle ingredient in alcoholic beverages such as beer, wine and brandy.

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