Russia says sugar market stable, but price deals not ruled out

MOSCOW, Dec 27 (PRIME) -- The sugar prices are stable, but some scenarios of their regulation, including the price deals with producers are possible, the Agriculture Ministry said in a statement Tuesday commenting on a report by business daily Vedomosti that sugar price deals could be introduced if the wholesale prices rise above 50–53 rubles per kilogram in January–March.

"Production growth as well as duty-free imports of raw sugar favor a stable price situation on the market… The local sugar market is stable and requires no additional regulation, such as a sugar price ceiling," the ministry said.

The sugar prices rose by 3.2% on the year as of December 21, the ministry said. The harvest of sugar beet stood at about 48 million tonnes in bunker weight, of which 38 million tonnes were used to produce 5.2 million tonnes of sugar. The sugar output forecast for 2022 stands at more than 6 million tonnes.

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