Report Overview - Report Name: Sugar Industry Weekly Report - Report Date: August 24, 2025 - Author: Xu Liang (Z0002220) - Reviewer: Tang Yun (Z0002422) 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core Viewpoints - The domestic sugar market has shown a strong trend recently, trading on the low carry - over inventory of domestic sugar and the expected reduction in production in Guangxi in the new crushing season. The market is less responsive to the increase in imported sugar and syrup in July. The downward pressure on the market is insufficient, and it may trade on the reduction in production in Brazil and the lower - than - expected production in India and Thailand in the future. In the short term, SR2601 shows strong momentum and may have a significant - scale market trend [4]. 3. Summary by Directory Market Information Domestic Market - Spot quotes: The platform quote of intermediaries in Nanning is 6,000 yuan/ton, and the quote of intermediaries in Kunming is 5,770 - 5,940 yuan/ton. In July, China imported 744,300 tons of sugar, a month - on - month increase of 75.29% and a year - on - year increase of 76.44%, with 644,400 tons from Brazil. In July, China imported 159,700 tons of syrup and premixed powder, a year - on - year decrease of 68,600 tons but a continued month - on - month increase, reaching a new high for the year [3]. International Market - The price of Zhengzhou sugar futures has maintained a volatile and slightly stronger pattern. In Brazil, due to continuous drought, the sugar content of sugarcane is at a historically low level, and the sugar - making ratio remains high because the ethanol - to - sugar price ratio is low. In India, although local sources expect a significant increase in production, meteorological monitoring shows that the cumulative rainfall in Uttar Pradesh and Tamil Nadu is low, and the final production may be lower than expected [4]. Sugar Futures and Spot Price and Spread Futures - As of August 25, 2025, the closing prices and price changes of various sugar futures contracts are provided, such as SR01 at 5,670 yuan with a 0% change, SR03 at 5,648 yuan with a 0% change, etc. The price spreads between different contracts are also given, like SR01 - 05 at 39 yuan with no change [5]. Spot - As of August 22, 2025, the spot prices and price changes in different regions are presented, including Nanning at 5,960 yuan with no change, and the price spreads between regions, such as the Nanning - Liuzhou spread at 10 yuan with no change [6]. Basis - As of August 22, 2025, the basis and its changes between Nanning, Kunming and different futures contracts are provided, for example, the Nanning - SR01 basis is 300 yuan with a decrease of 16 yuan [7]. Other Information - Brazil's foreign trade secretariat export data shows that in the first week of August, 1.094 million tons of sugar were exported, with an average daily export of 182,300 tons, a 2% increase compared to August of the previous year. India plans to allow sugar exports in the new crushing season starting in October as the sugarcane crop is expected to have a good harvest. Unica data shows that in late July, the central - southern region of Brazil crushed 50.217 million tons of sugarcane, a 2.66% year - on - year decrease, and produced 3.614 million tons of sugar, a 0.8% year - on - year decrease, with a sugar - making ratio of 54.1% (50.32% in the same period last year). As of August 1, India's sugarcane planting area reached 5.731 million hectares, slightly higher than 5.568 million hectares in the same period last year [9].

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The international raw sugar price is in a low - level oscillation. Asian major sugar - producing countries have a good production outlook with a loose global supply expectation, but there are concerns about the sugar content of Brazilian sugarcane in the 2025/26 season and signs of improved demand. In the domestic market, the profit window for out - of - quota imports is open, with a significant increase in sugar imports in July, which is the highest in the same period in the past decade, and the peak period will last until August and September. Beet sugar will start to be squeezed in September, increasing the supply. The demand is expected to increase due to the upcoming Double - Festival stocking. The inventory pressure of domestic sugar is not large currently, but the de - stocking process has slowed down. The new - season production is expected to be at a high level in the past four years. Overall, the domestic sugar price is supported by the Double - Festival stocking expectation and low inventory pressure, showing a pattern of strong domestic and weak foreign markets. However, factors such as increased imports, upcoming northern sugar mill openings, and high new - season production expectations will limit the upward space of the price. The operation suggestion is to wait and see [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main sugar futures contract is 5688 yuan/ton, with a ring - to - ring increase of 15 yuan/ton. The main contract's open interest is 367,664 hands, with a change of 5,745 hands. The number of sugar warehouse receipts is 15,385, with a decrease of 170. The net long position of the top 20 futures holders is - 16,517 hands. The effective warehouse receipt forecast is 1, with no change. The estimated import processing price of Brazilian sugar within the quota is 4,540 yuan/ton, a decrease of 23 yuan/ton; the estimated price of Thai sugar within the quota is also 4,540 yuan/ton, a decrease of 23 yuan/ton. The estimated price of imported Brazilian sugar outside the quota (50% tariff) is 5,769 yuan/ton, a decrease of 30 yuan/ton; the estimated price of imported Thai sugar outside the quota (50% tariff) is 5,755 yuan/ton [2]. 3.2现货市场 - The spot price of white sugar in Kunming is 5,860 yuan/ton, an increase of 5 yuan/ton; in Nanning, it is 5,970 yuan/ton, with no change; in Liuzhou, it is 6,030 yuan/ton, with no change [2]. 3.3 Upstream Situation - The national sugar - crop sown area is 1,480 thousand hectares, an increase of 60 thousand hectares. The sown area of sugarcane in Guangxi is 835.09 thousand hectares, a decrease of 12.86 thousand hectares [2]. 3.4 Industry Situation - The national cumulative sugar production is 1,116.21 million tons, an increase of 5.49 million tons; the cumulative sugar sales volume is 811.38 million tons, an increase of 86.92 million tons. The national industrial sugar inventory is 304.83 million tons, a decrease of 81.43 million tons. The national sugar sales rate is 72.69%, an increase of 7.47 percentage points. The monthly sugar import volume is 740,000 tons, an increase of 320,000 tons. The total sugar export volume from Brazil is 359.37 million tons, an increase of 23.47 million tons. The price difference between imported Brazilian sugar and the current Liuzhou sugar price within the quota is 1,330 yuan/ton, an increase of 29 yuan/ton; the price difference between imported Thai sugar and Liuzhou sugar within the quota is also 1,330 yuan/ton, an increase of 29 yuan/ton. The price difference between imported Brazilian sugar and the current Liuzhou sugar price outside the quota (50% tariff) is 101 yuan/ton, an increase of 36 yuan/ton; the price difference between imported Thai sugar and Liuzhou sugar outside the quota (50% tariff) is 115 yuan/ton, an increase of 73 yuan/ton [2]. 3.5下游情况 - The cumulative year - on - year growth rate of refined sugar production is 16.7%, an increase of 2.6 percentage points. The cumulative year - on - year growth rate of soft drink production is 2.9%, a decrease of 0.1 percentage point [2]. 3.6 Option Market - The implied volatility of at - the - money call options for sugar is 8.16%, an increase of 0.15 percentage points; the implied volatility of at - the - money put options is also 8.16%, an increase of 0.15 percentage points. The 20 - day historical volatility of sugar is 7.54%, a decrease of 1.29 percentage points; the 60 - day historical volatility is 6.13%, a decrease of 0.18 percentage points [2]. 3.7 Industry News - A survey of 10 traders and analysts shows that the sugar production in the central - southern region of Brazil in the 2025/26 season is expected to be 39.7 million tons, lower than the February forecast of 41.6 million tons and the previous year's 40.2 million tons [2].

8月25日，中粮糖业盘中上涨7.64%，截至09:55，报16.06元/股，成交7.33亿元，换手率2.26%，总市值 343.5亿元。 截至3月31日，中粮糖业股东户数10.68万，人均流通股2.0万股。 2025年1月-3月，中粮糖业实现营业收入50.37亿元，同比减少35.52%；归属净利润1.77亿元，同比减少 59.81%。 资料显示，中粮糖业控股股份有限公司位于新疆昌吉州昌吉市大西渠镇区玉堂村丘54栋1层W101，公司 的主营业务是食糖产业，同时也经营番茄加工业务，拥有全产业链运营模式，包括国内外制糖、进口及 港口炼糖、国内贸易、仓储物流等。公司在国内运营13家制糖企业，年产糖70万吨，在海外运营澳大利 亚昆士兰州的Tully糖业，年产原糖30万吨，同时是我国最大的食糖进口贸易商之一，拥有150万吨/年的 炼糖能力，贸销业务年经营量300万吨，占全国消费总量的20%。 ...

（ICE原糖期货主力合约日线） YNTW.COM 本周（8.18–8.22），ICE 11号原糖期货在多空因素的交织影响下呈现震荡走势，市场在经 历波动后暂时找到了一个微妙的平衡点： 对巴西甘蔗质量的担忧为市场提供了底部支撑，而美元走弱等宏观因素则在周末为价格上涨注入了新的 动力。 至周五，纽约原糖期货价格全线上涨。其中，主力合约10月合约收于16.48美分/磅，上涨0.13美分，涨 幅为0.79%，周线上涨0.24%。3月合约报收于17.15美分/磅，上涨0.41%；5月合约微涨0.24%至16.85美 分/磅。 来源：云南糖网 美元走弱提供上涨动能。 在本周五的交易中，美元指数跌至三周半以来的低点，这一变化刺激了期货 市场的空头回补操作，为国际糖价的上涨提供了直接动力，美元走弱通常利好大宗商品。 全球需求信号增强。 在需求方面，市场也出现了一些积极信号。例如，中国7月份的食糖进口量同比激 增76%，达到74万吨；巴基斯坦近期也招标采购20万吨精制糖。这些都显示出全球食糖需求依然强劲。 后市的一些看法： ICE原糖市场短期内可能将继续呈现技术性整理与基本面利好并存的格局，巴西的甘蔗质量和后续的压 榨数据仍将 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - International market: With Brazil reaching its supply peak, the global sugar inventory is expected to enter a cumulative phase. Although the sugar production ratio in Brazil is high, the actual sugar production remains low due to low cane crushing volume and sugar content. There is a deviation between market expectations and reality, so the final output is still uncertain. The sugar price is currently low with limited downward space, and the external sugar trend is expected to be volatile. Attention should be paid to the progress of sugar production in Brazil [3]. - Domestic market: The production and sales of domestic sugar are progressing rapidly, and the sugar inventory is low. However, a large amount of imported sugar is entering the domestic market. The domestic white sugar price is greatly affected by the international sugar price, and the Zhengzhou sugar price is expected to follow the trend of external sugar [3]. Summary by Directory Chapter 1: Comprehensive Analysis and Trading Strategies - Trading strategies: - Unilateral: In the short term, the Zhengzhou sugar price is greatly affected by the international market and is expected to fluctuate within the range of 5500 - 5700 [4]. - Arbitrage: Hold off for now [4]. - Options: Hold off for now [4]. Chapter 2: Core Logic Analysis - International supply - demand pattern changes: - The 24/25 sugar season in the Northern Hemisphere had lower - than - expected production increases. - The 25/26 sugar season in the Northern Hemisphere is expected to have a restorative increase in production. Attention should be paid to the sugar - pressing situation in Brazil [6]. - Brazil situation: - In the second half of July, in the central - southern region of Brazil, the cane crushing volume was 50.217 million tons, a year - on - year decrease of 1.373 million tons (2.66%); the cane ATR was 139.62 kg/ton, a decrease of 7.67 kg/ton compared to the same period last year; the sugar - making ratio was 54.1%, an increase of 3.78% compared to the same period last year; sugar production was 3.614 million tons, a year - on - year decrease of 29,000 tons (0.8%) [8]. - As of the second half of July in the 2025/26 sugar season, in the central - southern region of Brazil, the cumulative cane crushing volume was 306.237 million tons, a year - on - year decrease of 28.71 million tons (8.57%); the cumulative sugar - making ratio was 52.06%, an increase of 2.93% compared to the same period last year; the cumulative sugar production was 19.268 million tons, a year - on - year decrease of 1.621 million tons (7.76%). The year - on - year decline in cumulative sugar production continued to narrow (from 9.22% to 7.76%) [17]. - Brazil's sugar exports have increased, and the inventory remains at a low level compared to the same period [18]. - Other countries' situations: - Thailand is expected to have a slight increase in production in the new sugar season. In the 24/25 sugar season, sugar production was 10.05 million tons (a year - on - year increase of 1.28 million tons), and from January to June 2025, exports were 3.36 million tons, a year - on - year increase of 820,000 tons [19]. - Attention should be paid to the impact of India's ethanol volume on sugar supply and demand. India's sugar production in the 25/26 sugar season may have a restorative increase. As of July 15, 2025, India's cumulative sugar production was about 26.103 million tons, a year - on - year decrease of 17.6% [23][25]. Chapter 3: Weekly Data Tracking - Domestic situation: - In the 25/26 sugar season, domestic sugar production is in an increasing cycle and is expected to have a restorative increase to about 11 million tons (subject to weather changes) [27]. - The rising import profit has led to a strong import expectation [30]. - Customs data shows that in July 2025, China imported 740,000 tons of sugar, a year - on - year increase of 318,200 tons. From January to July 2025, China imported 1.7778 million tons of sugar, a year - on - year increase of 53,900 tons (3.12%). As of July in the 2024/25 sugar season, China imported 3.2395 million tons of sugar, a year - on - year decrease of 344,300 tons (9.61%) [42].

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - Market sentiment for expected production increases in India and Thailand's 25/26 sugar seasons is high, suppressing sugar prices. Brazil's overall sugarcane pressing situation is poor due to low precipitation, leading to a lower ATR value and an increased sugar - ethanol ratio. China's out - of - quota sugar import window has been fluctuating, resulting in a significant increase in July's import volume and an expected high volume in August [4]. - There are both positive and negative factors affecting the sugar market. Positive factors include strong domestic sugar sales in some regions, sufficient end - of - season sugar inventory in India for domestic consumption, suspension of imports of Thai syrup and premixed powder, poor production in Brazil's 25/26 season, and potential increased demand from the return of sugar - containing beverages in the US. Negative factors include increased sugar production in some regions, expected production growth in Brazil and Thailand, early monsoons in India, large import volumes in July and expected high volumes in August, and poor sales in some regions in July [5][8]. 3. Directory Summaries 3.1 Price Forecast and Risk Management - **Price Forecast**: The monthly price range for sugar is predicted to be between 5600 - 6000, with a current 20 - day rolling volatility of 4.40% and a 3 - year historical percentile of 2.2% [3]. - **Risk Management Strategies**: - **Inventory Management**: For enterprises with high finished - product inventory worried about price drops, they can short Zhengzhou sugar futures (SR2509) at 5800 - 5850 with a 50% hedging ratio and sell call options (SR511C5800) at 30 - 40 with a 25% hedging ratio [3]. - **Procurement Management**: For enterprises with low regular inventory and aiming to purchase based on orders, they can buy Zhengzhou sugar futures (SR2509) at 5650 - 5700 with a 50% hedging ratio and sell put options (SR511P5500) at 20 - 30 with a 75% hedging ratio [3]. 3.2 Core Contradictions - Market expectations of increased production in India and Thailand's 25/26 seasons suppress sugar prices. Brazil's poor pressing situation due to low precipitation leads to low ATR values, and China's fluctuating import window causes large import volumes [4]. 3.3利多解读 (Positive Factors) - As of the end of July, sugar sales in Guangxi and Yunnan increased year - on - year, with higher sales rates and lower industrial inventory in some cases. India's 2024/25 end - of - season sugar inventory is sufficient for domestic consumption from October to November 2025. China has suspended imports of Thai syrup and premixed powder. Brazil's 25/26 season production is poor, and there are potential demand increases from the return of sugar - containing beverages in the US [5][6][8]. 3.4利空解读 (Negative Factors) - In the 2024/25 season, sugar production increased in some regions. Analysts expect production growth in Brazil's 25/26 season and Thailand's 24/25 season. India's early monsoons may lead to a production recovery. July's import volume is large, and sales in some regions in July were poor [8][9]. 3.5 Price Data - **Base Price Changes**: On August 21, 2025, the base prices of sugar in different regions and contracts showed various daily and weekly changes [10]. - **Futures Prices and Spreads**: On August 22, 2025, the closing prices of sugar futures contracts had different daily and weekly changes, and there were also changes in the spreads between different contracts [11]. - **Spot Prices and Regional Spreads**: On August 22, 2025, sugar spot prices in different regions and the regional price spreads had specific daily and weekly changes [12]. - **Sugar Import Price Changes**: On August 22, 2025, the quota - in and quota - out import prices of Brazilian and Thai sugar had daily and weekly changes, as well as the price spreads compared to domestic prices [13].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - This week, the price of Zhengzhou Sugar 2601 contract rebounded with a weekly increase of about 0.11%. The international raw sugar market maintained a low - level oscillating trend, while the domestic market showed a pattern of strong domestic and weak foreign markets. Although the inventory pressure of domestic sugar is not large and the double - festival stocking expectation provides support for sugar prices, factors such as a significant increase in imports, upcoming sugar mill openings in the north, and high expected output in the new season will limit the upside space of prices. The report suggests short - selling at high prices with light positions and controlling risks. Future factors to watch include consumption and exports of Brazilian and Indian sugar [6]. 3. Summary by Relevant Catalogs 3.1 Week - to - Week Summary - **Market Analysis**: Internationally, the production prospects of major Asian sugar - producing countries are good, and the global supply is expected to be loose. However, there are concerns about the sugar content of Brazilian sugarcane in the 2025/26 season, and demand shows signs of improvement. Domestically, the profit window for out - of - quota imports is open, and the import volume in July increased significantly month - on - month, reaching the highest level in the same period in the past decade. The demand is expected to increase due to double - festival stocking. The inventory pressure is not large, but the de - stocking process has slowed down. The new season's output is expected to be at a high level in the past four years [6]. - **Operation Suggestion**: Short - sell at high prices with light positions and control risks [6]. - **Future Concerns**: Consumption, and exports of Brazilian and Indian sugar [6]. 3.2 Futures and Spot Market - **Futures Market**: The price of ICE US sugar declined this week, with a weekly drop of about 0.67%. As of August 12, 2025, the non - commercial long positions of ICE No. 11 sugar increased by 1.41% month - on - month, the non - commercial short positions decreased by 2.09% month - on - month, and the non - commercial net positions increased by 10.99% month - on - month. The net positions of the top 20 holders of Zhengzhou sugar futures were - 14,220 lots, and the Zhengzhou sugar warehouse receipts were 15,555 lots [9][18]. - **Spot Market**: As of August 15, 2025, the international spot price of raw sugar was 16.94 cents per pound, a month - on - month decrease of 1.45%. As of August 22, the sugar price in Liuzhou, Guangxi was 6,030 yuan per ton, and the spot price of sugar in Kunming, Yunnan was 5,855 yuan per ton. As of August 18, 2025, the estimated import processing price of Brazilian sugar (out - of - quota, 50% tariff) was 5,706 yuan per ton, a month - on - month decrease of 0.95%; the in - quota price was 4,491 yuan per ton, a month - on - month decrease of 0.95%. The estimated import processing price of Thai sugar (out - of - quota, 50% tariff) was 5,729 yuan per ton, a month - on - month decrease of 0.95%; the in - quota price was 4,509 yuan per ton, a month - on - month decrease of 0.92%. As of August 18, the in - quota profit of imported Brazilian sugar was 1,364 yuan per ton, a month - on - month increase of 0.66%; the out - of - quota profit was 149 yuan per ton, a month - on - month increase of 16.41%. The in - quota profit of imported Thai sugar was 1,346 yuan per ton, a month - on - month increase of 0.6%; the out - of - quota profit was 126 yuan per ton [12][22][25]. 3.3 Industry Chain Situation - **Supply Side**: The 2024/25 sugar - making season ended in late May 2025, with a national sugar production of 11.1621 million tons, a year - on - year increase of 1.1989 million tons or 12.03%. As of May 30, 2025, the industrial inventory was 3.0483 million tons, a year - on - year decrease of 322,100 tons. In July, China's sugar imports were 740,000 tons, a month - on - month increase of 320,000 tons (76.2%) and a year - on - year increase of 76.4%. From January to July, sugar imports were 1.78 million tons, a year - on - year increase of 4% [34][38][42]. - **Demand Side**: As of May 31, 2025, the cumulative national sugar sales volume was 8.1138 million tons, a month - on - month increase of 12.00%, and the sales rate was 72.69%, a month - on - month increase of 11.45%. As of July 31, 2025, the monthly output of refined sugar was 410,000 tons, a month - on - month increase of 21.66%, and the monthly output of soft drinks was 17.9663 million tons, a month - on - month decrease of 2.51% [46][51]. 3.4 Options and Stock - Futures Correlation Market - **Options Market**: Information on the implied volatility of at - the - money options for sugar this week was presented, but no specific data was given [52]. - **Stock Market**: Information on the price - to - earnings ratio of Nanning Sugar Industry was presented, but no specific data was given [57].

Group 1 - The core engine of the agricultural sugar and livestock fertilizer circular economy project in Beinan City, Heilongjiang Province, is the sugar processing project by Saibei Sugar Industry, which is advancing rapidly with a total investment of 596 million yuan [2] - The project will have a processing capacity of 600,000 tons of sugar beets annually, producing 85,000 tons of high-quality white sugar and 25,000 tons of molasses, with an expected annual output value exceeding 626 million yuan [2] - The project is a benchmark for implementing new productive forces and plays a crucial role in the "2+1" leading industries of Beinan, promoting the coordinated development of primary, secondary, and tertiary industries [2] Group 2 - The steady progress of the Saibei Sugar Industry project will strengthen the processing transformation hub of the "agriculture-sugar-livestock-fertilizer" circular industry chain, injecting sustainable new momentum into the high-quality development of the local economy [3] - A modern agricultural industrial cluster based on resource endowment, innovation-driven, and green circular economy is rapidly emerging in Beinan [3]

大宗商品研究所 农产品研发报告 白糖日报 2025 年 8 月 21 日 白糖日报 第一部分 数据分析 研究员：刘倩楠 期货从业证号： F3013727 投资咨询证号： Z0014425 联系方式： liuqiannan_qh@china stock.com.cn 大宗商品研究所 农产品研发报告 马来西亚进口 0.13 万吨;同期 21069062 项下进口预混粉 26.51 万吨，绝大部分 26.14 万吨从泰 国进口。 3、沐甜 21 日讯：广西:南宁中间商站台报价 6010 元/吨，报价上调 10 元，成交一般;南 宁仓库报价 5970 元/吨，报价不变，成交一般。柳州中间商站台报价 6030 元/吨，仓库报价 5980-6000 元/吨，报价不变，成交一般。广东:广州中间商湛江糖报价 6080 元/吨，报价不变， 成交一般。湛江中间商仓库报价暂无。 | 期货盘面 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期货 | | 收盘价 | 涨跌 | 涨跌幅 | 成交量 | 增减量 | 持仓量 | 增减量 ...

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - The global sugar inventory is expected to enter a stocking phase due to the supply peak in Brazil, leading to a recent decline in raw sugar prices. The domestic sugar price is influenced by international prices, and Zhengzhou sugar futures prices are expected to follow the trend of foreign sugar [11]. - In the short - term, Zhengzhou sugar prices are expected to be volatile, and short - term traders can consider shorting at high prices. For arbitrage, it is advisable to wait and see, and for options, selling out - of - the - money call options is recommended [12][13][14]. 3. Summary by Sections 3.1 Data Analysis - **Futures Market**: SR09 closed at 5,727 with a gain of 11 (0.19%), SR01 at 5,676 with a gain of 15 (0.26%), and SR05 at 5,633 with a gain of 14 (0.25%). The trading volume of SR09 decreased by 11,626 to 7,025, SR01 decreased by 17,130 to 153,382, and SR05 increased by 22 to 5,472. The open interest of SR09 decreased by 3,907 to 25,928, SR01 increased by 5,283 to 343,739, and SR05 increased by 171 to 26,617 [5]. - **Spot Market**: The spot prices of sugar in different regions showed some fluctuations. In places like Liuzhou, Kunming, Wuhan, etc., prices changed, with Liuzhou at 6030 yuan/ton (down 10 yuan), Kunming at 5905 yuan/ton (unchanged), etc. The basis for different regions ranged from 178 to 643 yuan/ton [5]. - **Inter - month Spreads**: SR5 - SR01 spread was - 43 (down 1), SR09 - SR5 spread was 94 (down 3), and SR09 - SR01 spread was 51 (down 4) [5]. - **Import Profits**: For Brazilian imports, the quota - in price was 4435 yuan/ton, the quota - out price was 5648 yuan/ton, with a spread of 382 yuan/ton compared to Liuzhou prices and 402 yuan/ton compared to Rizhao prices. For Thai imports, the quota - in price was 4453 yuan/ton, the quota - out price was 5671 yuan/ton, with spreads of 359 yuan/ton and 379 yuan/ton respectively [5]. 3.2 Market Analysis - **Important Information**: From January to July 2025, China imported 179 million tons of sugar, including 168,400 tons of white sugar and 1.6125 billion tons of raw sugar. In July, the total imports of syrup and premixed powder were 159,800 tons, a year - on - year decrease of 68,500 tons. From January to July 2025, the total imports of syrup and premixed powder were 622,300 tons, a year - on - year decrease of 557,600 tons [7][8][10]. - **Logic Analysis**: Internationally, due to the supply peak in Brazil, the global sugar inventory is expected to increase, and raw sugar prices have declined. Domestically, the production and sales of domestic sugar are fast, and the inventory is low, but a large amount of imported sugar is entering the market, and domestic sugar prices are expected to follow the international trend [11]. - **Trading Strategies**: In the short - term, for unilateral trading, consider shorting at high prices; for arbitrage, wait and see; for options, sell out - of - the - money call options [12][13][14].