According to industry insiders who spoke to Reuters, Indian mills have exported all 6.1 million tonnes of sugar that were legally permitted to be exported, taking advantage of persistently high prices on the international market and strong demand.
However, due to an anticipated decline in production, the second-largest producer of the sweetener in the world is unlikely to permit extra exports in the current marketing year ending on September 30.
As a result, top producer Brazil might be able to sell more sugar on the international market and drive up prices globally.
"The mills have shipped the entire allocated quantity, and nothing has left since the global prices became attractive," Prakash Naiknavare, managing director of the National Federation of Cooperative Sugar Factories Ltd., told Reuters.
According to traders, mills were receiving more than 50,000 rupees ($604.6) per tonne from the international sale as opposed to the local price of 36,500 rupees.
The remaining shipments were accelerated by mills because of a rumour that India may block
exports earlier this month, he claimed.