India Fixes Raw Sugar Prices

India’s decision to fix sugar cane prices nationwide may ease shortages in the world’s biggest sugar-consuming country and smooth fluctuations in annual crops, industry officials said.

According to a Bloomberg News report, the government is determining a benchmark price that mills will pay under a policy announced by the food ministry Oct. 22. Until now, states fixed their own prices, often at levels higher than the nationwide cost, leading some millers to reduce cane purchases and refined sugar output.

Sugar has almost doubled this year after India became an importer for the first time in three years.

Click here to read the full Bloomberg report.