Report Industry Investment Rating - Not provided in the content Core Viewpoints - The current price decline of the SR2601 contract is affected by the supply pressure of recent imported sugar, syrup, and premixed powder, as well as the expected change in the new crushing season's production and the overseas market's expectation of increased production in India and Thailand. Additionally, Brazilian sugar mills are more focused on sugar production due to sufficient corn - ethanol supply, with a comprehensive sugar - making ratio above 52%. However, the market has fully priced in the negative news and ignored potential risks. There are still many uncertainties in the Asian production as the new crushing season has not started. Rainfall in India is uneven, and its policies are also uncertain. Overall, the downward momentum of sugar prices has increased, but there is a potential for a weak - to - strong turnaround in the future [4] Summary by Related Catalogs Market Information Domestic Market - The spot price of sugar: The Nanning middleman's platform quotation is 6000 yuan/ton, and the Kunming middleman's quotation is 5770 - 5940 yuan/ton. In July, China imported 74.43 tons of sugar, a month - on - month increase of 75.29% and a year - on - year increase of 76.44%, with 64.44 tons from Brazil. In July, China imported 15.97 tons of syrup and premixed powder, a year - on - year decrease of 6.86 tons but a month - on - month increase, reaching a new high for the year [3] International Market - The SR2601 contract is the current main contract, mainly trading the situation of the 25/26 crushing season. The price decline is affected by multiple factors, and there are still uncertainties in Asian production [4] Sugar Futures Weekly Price and Spread - On September 1, 2025, the closing prices and spreads of various sugar futures contracts are provided, with most contracts having a 0% change in price and spread [5] Sugar Spot Weekly Price and Spread - On September 1, 2025, the prices and spreads of sugar in different domestic regions are presented, showing price declines in most regions [6] Sugar Weekly Basis - The basis and its changes between Nanning, Kunming and various sugar futures contracts on August 29, 2025 are given [7][10] Sugar Weekly Import Price Changes - The quota - within and quota - outside import prices of sugar from Brazil and Thailand on August 27, 2025, and their weekly changes are shown [11] Other Industry Data - Brazil's sugar export data in August, India's sugar export plan, Brazil's middle - south sugar production data in August, production forecasts for the 25/26 crushing season in Brazil, and the global supply - demand balance forecast for the 25/26 year are provided [9]