BEIJING, Oct. 20 /PRNewswire-Asia/ -- Frbiz reports that since the beginning of October, China's sugar prices have reached one of their highest points on record. Rising above 6,000 RMB/ton -- sugar prices have hit a 20-year high. The rise in the price of common sugar should also push up the price of retail sugar products such as drinks, cakes, sweets and other related products. Because of current inventories, supermarkets have not yet changed their prices.
Two years ago, China's sugar prices were stable at 2,700 RMB/ton. It was in 2009 that levels began soaring over 5,000 RMB/ton. Since entering October, sugar prices are still soaring. When comparing the current period to the same in 2008, the price of sugar has increased 127%.
On China's wholesale market, the bulk retail price of sugar has gone from 6 RMB per kilogram to 8 or 9 RMB per kilogram. This sugar price increase is also affecting food industry production enterprises.
The rise in wholesale sugar prices has caused a relevant price increase in commodities.
Reasons behind the rise in price could be due to the nation's largest sugar region of Guangxi province experiencing a mild drought. Another major sugar production area in Yunnan province has also encountered drought. Lower sugar cane production in these areas directly correlates to a decline in the rate of sugar production in China. Exports abroad have also decreased.
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