Report Title - "Sugar Market Oscillates to Find the Bottom: A Battle between Cost Support and Supply Pressure - Sugar Weekly Report from October 13 - 17, 2025" [1] Report Industry Investment Rating - Not provided Core Viewpoints - The current sugar market is in an oscillating bottom - finding stage. The core contradiction between bulls and bears lies in the game between global supply growth (Brazil's sugar production increased by 10.76% year - on - year) and domestic cost support (production cost of 5400 yuan). The price will oscillate in the range of 5350 - 5450 yuan, and the effectiveness of cost support should be noted [3] Summary by Relevant Catalogs 1. Market Review 1.1 Weekly Review - The 11 - number sugar continuous contract's closing price dropped by 3.73% to 15.5; the closing price of the Zhengzhou sugar main contract decreased by 1.53% to 5412 yuan/ton; the spot prices in Nanning, Liuzhou, Kunming, and Rizhao Lingyunhai all declined, with decreases ranging from 0.34% to 0.70%. The basis of Liuzhou sugar and the main contract expanded by 17.32% to 298 yuan/ton. The number of warehouse receipts decreased by 5.06% to 8418. The proportion of bullish sentiment towards Zhengzhou sugar dropped by 5 percentage points to 15%, the bearish proportion increased by 10 percentage points to 55%, and the neutral proportion decreased by 5 percentage points to 30% [5] 1.2 Domestic Futures and Spot - Not elaborated in the given content 1.3 Raw Sugar Futures - Not elaborated in the given content 2. Fundamental Analysis 2.1 China's Sugar Production and Sales - Not elaborated in the given content 2.2 Production and Sales of Main Sugar - Cane Producing Areas in China - Not elaborated in the given content 2.3 Production and Sales of Main Sugar - Beet Producing Areas in China - Not elaborated in the given content 2.4 China's White Sugar Industrial Inventory - Not elaborated in the given content 2.5 China's Sugar Import and Export - Not elaborated in the given content 2.6 China's Main Sugar Importing Countries - Not elaborated in the given content 2.7 China's Sugar Import Cost and Profit - Brazil's in - quota processing cost decreased by 4.18% to 4177 yuan, and the out - of - quota processing cost decreased by 4.27% to 5332 yuan. The in - quota import profit increased by 9.97% to 1743 yuan, and the out - of - quota import profit increased by 56.95% to 587 yuan. The premium and discount decreased by 600% to - 0.3, and the shipping cost increased by 0.70% to 38.9 yuan. Thailand's in - quota processing cost decreased by 2.44% to 4236 yuan, and the out - of - quota processing cost decreased by 2.49% to 5410 yuan. The in - quota import profit increased by 5.06% to 1683 yuan, and the out - of - quota import profit increased by 28.79% to 510 yuan. The premium and discount remained unchanged at 0.89, and the shipping cost remained unchanged at 18 yuan [30] 3. International Market Fundamentals 3.1 Available Sugar Quantity in Brazil - Not elaborated in the given content 3.2 Sugar - Cane Crushing Volume in Brazil - Not elaborated in the given content 3.3 Sugar Production in Brazil - Not elaborated in the given content 3.4 Ethanol Production in Brazil - Not elaborated in the given content 3.5 Sugar Import and Export in Brazil - Not elaborated in the given content 3.6 International Raw Sugar Premiums, Discounts, and Shipping Costs - Not elaborated in the given content