China To Expand List Of Countries To Pay Tariffs On Sugar Imports
China's Commerce Ministry said on Monday it will expand the list of countries which must pay extra tariffs on sugar imports, starting from Aug. 1.
This comes just over a year after introducing hefty penalties on top growers including Brazil and Thailand.
In May last year, the government hit major exporting nations with penalties on sugar imports after years of lobbying from domestic mills, but exempted 190 smaller producing countries and regions, mostly in Southeast Asia and South America, like El Salvador and the Philippines.
Elsewhere, raw sugar futures on ICE fell to a two and a half month low last Thursday, pressured by an early spurt of speculative selling that pushed prices down 1.7 percent within the first seven minutes amid lingering worries about abundant supplies.
Speculative selling in the first seven minutes of the session pushed prices below technical support levels around 11.12 cents, which triggered automatic sell orders and attracted fresh selling, dealers said.
Focus also remained on ample global supplies, although participants were monitoring dry weather in Brazil that could curb output further.
Earlier this month, Associated British Foods said that low sugar prices led to a 17% decline in revenue at its AB Sugar division, with the forecast for the full year likely to be muted.