白糖产业周报-20250414

Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - ICE raw sugar futures dropped on Friday, with a 4% decline in the weekly line, due to concerns about US tariff policies triggering a global economic recession [4] - From January to February 2025, China's cumulative sugar imports were 80,000 tons, a year - on - year decrease of 1.11 million tons, and the cumulative exports of syrup and premixed powder were 109,200 tons, a year - on - year decrease of 59,100 tons [3] 3. Summary by Relevant Catalogs Domestic Market - Spot quotes: The platform quote of middlemen in Nanning is 6,200 yuan/ton, and that in Kunming is 5,970 - 6,080 yuan/ton [3] - Market information: From January to February 2025, China's cumulative sugar imports decreased by 1.11 million tons year - on - year, and the cumulative exports of syrup and premixed powder decreased by 59,100 tons year - on - year [3] International Market - ICE raw sugar futures fell on Friday, with a 4% decline in the weekly line, due to concerns about US tariff policies causing a global economic recession [4] - As of March 31, 113 sugar mills in India were in the 24/25 crushing season, crushing 265.326 million tons of sugarcane and producing 24.85 million tons of sugar, compared with 203 mills in the same period last year, which crushed 298.104 million tons of sugarcane and produced 30.25 million tons of sugar [5] Sugar Futures Weekly Price and Spreads - SR01 closed at 5,718 with a - 0.21% change; SR03 at 5,689 with a - 0.16% change; SR05 at 6,056 with a - 0.49% change; SR07 at 5,978 with a - 0.32% change; SR09 at 5,918 with a - 0.42% change; SR11 at 5,793 with a - 0.31% change; SB at 17.83 with a 0% change; W at 503.1 with a 0% change [6] Sugar Spot Weekly Price and Spreads - Nanning's price was 6,180 yuan/ton with a - 80 yuan change; Liuzhou's was 6,160 yuan/ton with a - 90 yuan change; Kunming's was 5,960 yuan/ton with a - 60 yuan change; Zhanjiang's was 6,100 yuan/ton with a - 80 yuan change; Rizhao's was 6,280 yuan/ton with a - 70 yuan change; Urumqi's was 6,000 yuan/ton with a 0 yuan change [7] Sugar Weekly Basis - The basis of Nanning - SR01 was 462 with a 37 change; Nanning - SR03 was 491 with a 36 change; Nanning - SR05 was 124 with a - 9 change; Nanning - SR07 was 202 with a 31 change; Nanning - SR09 was 262 with a 6 change; Kunming - SR01 was 242 with a 27 change; Kunming - SR03 was 271 with a 26 change; Kunming - SR05 was - 96 with a - 19 change; Kunming - SR07 was - 18 with a 21 change; Kunming - SR09 was 42 with a - 4 change [8] Brazil Market - As of April 2, the number of ships waiting to transport sugar at Brazilian ports was 36 (last week was 38), and the sugar waiting to be transported was 1.4227 million tons (last week was 1.5554 million tons) [10] - In the first week of April in Brazil, 236,600 tons of sugar were exported, with an average daily export of 59,100 tons, a 31% decrease compared with the average daily export in March last year [10] - Brazil's industry organization Orplana predicted that the sugarcane output in the central - southern region in the 25/26 crushing season would be 605 - 618 million tons, lower than 630 - 640 million tons in the previous season [10] Sugar Weekly Import Price Changes - The in - quota price of Brazilian imports was 5,068 yuan/ton with a - 243 yuan change, and the out - of - quota price was 6,458 yuan/ton with a - 317 yuan change; the in - quota price of Thai imports was 4,992 yuan/ton with a - 311 yuan change, and the out - of - quota price was 6,360 yuan/ton with a - 405 yuan change [11]