BEIJING: China, the world’s top sugar buyer, imported 360,000 tonnes of the sweetener in August, up 30.7 percent from the same period last year due to lower global prices when cargoes were purchased earlier in 2016.
Chinese sugar imports have slowed overall this year on higher global prices, but a price-dip during the second quarter has boosted arrivals into the country in recent months. Prices have since recovered, however, meaning that shipments to China are expected to drop again. “We usually see a wave coming in Q3 but I don’t think it will continue in October through December, the prices are higher now,” said a trader who declined to be identified.
Imports for the first eight months of 2016 are down 31 percent year-on-year at 2.1 million tonnes, customs data showed on Wednesday. A much-anticipated release of sugar by China’s state reserves would also dampen appetite for imports in coming months. “If they do release stocks, imports will be impacted for sure. The fourth quarter could be less than 500,000 tonnes,” added another China-based trader.
