As sugar stocks are expected to drop by at least 20% and prices will rise further, India's Ministry of Commerce issued a notice on Thursday saying that India will allow duty-free imports of 1 million tons of raw sugar. This is the first time in 10 years that the country has allowed sugar imports. The raw sugar import approval is in effect from Thursday to October 31, to curb sugar prices during India's traditional holiday season. The order also states that sugar mills and refineries with production capacity to convert raw sugar into white sugar must apply for tariff quotas between August 21 and August 28. Sugar prices in India rose nearly 40% in two months due to supply constraints due to falling production. However, after India announced plans to allow duty-free sugar imports, the prices of London's benchmark white sugar futures and New York raw sugar futures rose 4%.

As sugar stocks are expected to drop by at least 20% and prices will rise further, India's Ministry of Commerce issued a notice on Thursday saying that India will allow duty-free imports of 1 million tons of raw sugar. This is the first time in 10 years that the country has allowed sugar imports. The raw sugar import approval is in effect from Thursday to October 31, to curb sugar prices during India's traditional holiday season. The order also states that sugar mills and refineries with production capacity to convert raw sugar into white sugar must apply for tariff quotas between August 21 and August 28. Sugar prices in India rose nearly 40% in two months due to supply constraints due to falling production. However, after India announced plans to allow duty-free sugar imports, the prices of London's benchmark white sugar futures and New York raw sugar futures rose 4%.