购销氛围相对清淡 预计糖价维持低位震荡走势

Group 1: Sugar Production and Market Trends - Brazil's cumulative sugar output for the week of September 4, 2025, reached 2.9159 million tons, down from 3.8795 million tons in September of the previous year, with an average daily shipment of 145,800 tons, a decrease of 21.08% compared to last year's 184,700 tons [1] - The new sugar season in Inner Mongolia and Xinjiang has commenced, with expectations for new sugar to be available for sale next week, potentially putting pressure on the spot market [3] - The Brazilian sugar production ratio remains high for the 2025/26 season, significantly above historical levels, indicating a strong preference for sugar production among Brazilian mills [4] Group 2: Import and Pricing Dynamics - Pakistan has procured 80,000 tons of sugar through tender and is set to procure an additional 100,000 tons, indicating strong demand in the region [2] - The cost of Brazilian sugar imports is significantly lower than domestic prices in Guangxi, with quota-included sugar costing 4,482 RMB/ton (15% tariff) and quota-excluded sugar at 5,709 RMB/ton (50% tariff), showing a price difference of 1,408 RMB/ton and 181 RMB/ton respectively [2] - Domestic sugar market sentiment is cautious, with overall trading activity expected to remain weak as the holiday stocking period concludes [3][4]