International refined sugar prices slumped again by 1% on 27th Mar’24 and settled at $645.6/MT. The decline is attributed to the higher sugar production data released by Brazil. Brazil's Center-South sugar output in the first half of March was 64,000 MT, up 313% from the same time last year. And Brazilian sugar total production reached 42.245 MMT, up by 25.8% y-o-y till mid-March in 2023-24. Mills have crushed 48.96% of total cane for sugar production this year, up from 45.93% last year.

However, the prices during the week surged slightly as The American Sugar Coalition directed the U.S. sugar producers for a reduction in sugar imports from Mexico, thus encouraging to purchase sugar from other countries. So, the average refined sugar prices stood at $643.86/MT in the week ending on 27th Mar’24, up by 3% w-o-w.