New Campaign Started, Inner Mongolia Likely to Break Historical Record of Sugar Production

(1) Debut of the 2020/21 campaign with the official starting up of beet sugar manufacturing companies in Inner Mongolia. In the new campaign, the sowing area of sugar beets in Inner Mongolia is 2.3 million mu, 364,000 mu more YoY. The provincial production of beet sugar is foreseen to hit 900,000 tons, 275,000 tons more YoY, another historical record. Inner Mongolia firmly takes the third rank of sugar production in the nation.
 
(2) The recovery of domestic sugar consumption is slow, the sales ratio has slipped but stock surged. Sugar production stood at 10.4151 million tons from January to August, down 3.21% YoY; 9.0214 million tons was sold, down 6.05% YoY; the sales ratio was 86.62%, the industrial inventory was 1.3937 million tons, up 20.37% YoY.
 
(3) Sugar import during the month was up 115.84% MoM. The import amount was 677,300 tons, up 115.84% MoM or up 44.13% YoY. The yearly total import recorded 2.2338 million tons, outstripping the import in same period last year, up 13.12% YoY.
 
(4) Domestic sugar price recovered from the fall. While there is mounting forecast on import but slow recovery of domestic consumption, However, due to holiday stock impact of domestic sugar prices rose.The average spot price for white granulated sugar during the month was 5,685 yuan.ton, up 3.36% MoM.