During Q1 2025, the global Sugar market experienced notable price declines ranging between 1-10%, reflecting subdued demand and high inventory levels amid cautious trading sentiment. Prices were pressured by slower global demand recovery and persistent stock build-ups, although favorable weather conditions supported steady production and export operations in major producing regions.
Seasonal demand and pre-crop cycle buying in March provided a slight price rebound, adding temporary support amid ongoing market caution. Ample domestic supply and increased inventories following crushing seasons intensified competitive pricing domestically, while steady production and subdued consumption patterns contributed to modest corrections.
Despite these challenges, logistical efficiency and supply chain management helped maintain market stability. Prices stabilized in the final month, reflecting cautious buyer sentiment and a pause in the downward trend within a broadly bearish market environment. Globally, Sugar price trends mirrored this cautious sentiment with gradual adjustments.
Brazil
Sugar (Refined) Export prices from Brazil.
In Q1 2025, Refined Sugar prices in Brazil declined again by 5.16%, trading between 460 and 600 USD per metric ton FOB Santos. The price trend in Brazil was influenced by slower demand recovery globally and persistent high stock levels in consuming markets. Weather conditions remained favorable in Brazil, but global economic uncertainties restrained buying activity.
The country relied on its efficient production and export infrastructure to sustain competitiveness and market reach. In March 2025, prices increased by 2.30%, as seasonal demand slightly improved and buyers positioned for the upcoming crop cycle, providing temporary price support amid continued market caution and competitive pressures in international Sugar markets.
China
Sugar (White Granulated) Domestically Traded prices Ex-Guangxi.
In Q1 2025, Sugar prices in China experienced notable downward adjustments amid ample domestic supply and moderate consumption. White Granulated Sugar prices Ex-Guangxi ranged between USD 750-860 per metric ton, declining approximately 5.14% compared to the previous quarter. Robust production output from key Sugarcane processing regions and elevated refinery throughput resulted in increased inventory levels following successful crushing seasons, intensifying competitive pricing across domestic markets. Efficient regional distribution and supply chain management supported market stability.
Manufacturers adjusted pricing strategies to maintain market share while stable feedstock availability and logistics infrastructure enhanced supply chain efficiency. Quality standards remained consistent to cater to confectionery, pharmaceuticals, and processed foods. In March 2025, prices rebounded slightly by 1.13%, smoothly balancing prior declines and adding a touch of optimism amid ongoing market pressures.
Global (NY 11)
Sugar No. 11 (Raw Centrifugal Cane Sugar) Traded prices Globally.
in Q1 2025, the Sugar price trend globally in reflected a downturn of 10.53%, with prices ranging from USD 382 to 500 per metric ton amid persistent demand softness and elevated global inventories. Global price trend reflected similar challenges as cautious buying and competing supplier offers pressured prices. In March 2025, saw a further 5.62% decline, exacerbating bearish momentum. Economic uncertainties, coupled with slower consumption growth in key import regions, held back price recovery.
Production remained robust, maintaining supply levels. Export logistics ensured consistent shipment volumes but could not overcome weak buying interest. Inventory levels remained high globally, contributing to continued price pressure. Overall, the market faced mounting challenges, reflecting a cautious environment and subdued consumption patterns worldwide.
India
Sugar (Refined) Domestically Traded prices Ex-Sangli.
In Q1 2025, Sugar prices in India ranged between USD 400-490 per metric ton, declining by approximately 3.14% compared to the previous quarter. The prices faced downward pressure amid ample domestic supply and subdued demand patterns following the festive season. Sugar price trend in India during the quarter reflected bearish market sentiment, with manufacturers adjusting production schedules according to consumption requirements. The Refined Sugar market experienced modest corrections as inventory levels remained comfortable across major trading centers.
Consumption from beverage and confectionery industries remained moderate, while production from key Sugarcane regions maintained steady output. Market fundamentals were influenced by adequate stock positions and cautious trading activity throughout the quarter. In March 2025, prices were stable with no significant change, reflecting a pause amid downward pressures.
During Q2 2025, the global Sugar market saw mild price fluctuations within a narrow range, reflecting a cautiously stable environment amid balanced supply and demand. In Brazil, Refined Sugar prices FOB Santos experienced a slight decline due to subdued international demand and competitive supply conditions, although production discipline and efficient logistics helped sustain export volumes. China’s White Granulated Sugar prices Ex-Guangxi showed modest gains, supported by steady refinery operations and improving consumption across beverage and confectionery sectors.
India’s Refined Sugar prices Ex-Sangli also rose modestly amid balanced supply-demand dynamics and consistent downstream demand. Despite this gentle recovery, prices softened slightly in the last month of the quarter, indicating cautious trading sentiment and inventory management in a market gradually stabilizing amid ongoing global uncertainties. The overall global sugar price trend aligned with these regional developments, highlighting cautious optimism tempered by persistent challenges.
Brazil
Sugar (Refined) Export prices from Brazil.
In Q2 2025, Sugar Prices in Brazil saw a smaller decline of 2.72%, falling within 450-580 USD per metric ton FOB Santos. The price trend in Brazil reflected continued subdued international demand combined with stable but competitive supply. Global macroeconomic risks and alternative sweetener availability kept buyers reserved. Brazil’s strong production discipline and efficient port operations helped maintain steady export volumes despite softness in prices. Export logistics and supply chain coordination further supported the market. In June 2025, prices eased further by 2.61%, reflecting ongoing buyer caution and weak consumption momentum, suggesting little immediate recovery in global demand, with Brazil maintaining its position amid difficult market conditions.
China
Sugar (White Granulated) Domestically Traded prices Ex-Guangxi.
In Q2 2025, Sugar prices in China demonstrated modest recovery with upward corrections amid improving demand fundamentals and balanced supply conditions. White Granulated Sugar prices Ex-Guangxi ranged between USD 770-875 per metric ton, increasing approximately 2.27% from the previous quarter. Steady refinery operations and consistent production from major regions supported strengthening consumption across beverages, confectionery, and food industries. Improved procurement following seasonal adjustments helped firm price trend in China.
Regional logistics efficiency and stable raw material costs contributed to competitive pricing. Manufacturing ran at optimal capacity, meeting enhanced market requirements with consistent quality. Inventory management and quality maintenance by key producers contributed to overall market stability. In June 2025, prices softened by 0.74%, tactfully blending with the quarter’s modest upward momentum and reflecting minor profit-taking or cautious adjustments.
Global (NY 11)
Sugar No. 11 (Raw Centrifugal Cane Sugar) Traded prices Globally.
During Q2 2025, the Sugar price trend globally remained weak, with prices declining by 10.59% to between USD 323-456 per metric ton amid oversupply and sluggish global demand. Global Sugar price trend echoed these movements, with margins squeezed amid intense competition. In June 2025, saw prices fall further by 6.77%, indicating limited demand recovery and ample stock availability. Despite steady production and efficient logistics, consumption growth lagged, particularly in industrial sectors.
Buyer caution prevailed amid economic uncertainties and alternative sweetener availability. Export volumes held steady due to disciplined production and supply chain coordination, but price softness continued. The quarter underscored challenges for the market, highlighting subdued global demand and competitive pressure impacting price trends worldwide.
India
Sugar (Refined) Domestically Traded prices Ex-Sangli.
In Q2 2025, Sugar prices in India ranged between USD 405-495 per metric ton, increasing by approximately 1.39% compared to the previous quarter. The prices demonstrated modest recovery amid improved market sentiment and steady offtake from downstream industries. Sugar price trend in India during the quarter was supported by balanced supply-demand dynamics and consistent consumption from the beverage and confectionery sectors.
The Refined Sugar market maintained stable trading patterns, with production facilities operating at optimal capacity levels. Demand from food processing units and retail sectors remained firm, while adequate inventory levels ensured smooth market operations. Regional production from Maharashtra and Uttar Pradesh continued to support domestic availability throughout the quarter. In June 2025, prices softened slightly by 0.27%, blending gently with the steady recovery observed during the quarter.
During Q3 2025, the global Sugar market experienced moderate price declines ranging between 2-7% across major producing countries, reflecting ongoing supply challenges and cautious demand. In Brazil, oversupply concerns and subdued global consumption pressured Refined Sugar prices, while export competition intensified amid shrinking margins.
China’s market saw a slight softening in White Granulated Sugar prices Ex-Guangxi, supported by steady domestic production and balanced supply-demand fundamentals. India’s Refined Sugar prices Ex-Sangli also declined as stable monsoon conditions ensured steady supply amid consistent demand from beverage and confectionery sectors.
Despite these downward movements, logistical efficiency and quality maintenance in key regions helped sustain export flows. The final month of the quarter saw further mild price softness, signaling cautious buyer sentiment and elevated inventory levels in a broadly bearish but stable global market environment. This global sugar price trend confirmed the cautious stance across regions, highlighting ongoing market balancing acts.
Brazil: Sugar (Refined) Export prices from Brazil.
In Q3 2025, Refined Sugar prices in Brazil FOB Santos decreased by 3.39%, with prices in the range of 450 to 550 USD per metric ton. Furthermore, Refined Sugar price trend in Brazil remained weak due to continuing concerns of excess supply and sluggish global demand. Moreover, exporters began competing heavily, as other producing regions introduced competitive pricing, creating upward pressure on margins.
The country’s continued focus on quality production, logistical flexibility, and sustainable practices kept it as the leading refined sugar exporting country despite the pressures. In September 2025, the last month in the quarter, Refined Sugar prices in Brazil declined slightly by 0.82%, as buyers maintained hesitation while inventories remained high. Brazil’s consistent supply reliability and quality of refined sugar supported stable shipments amidst difficult and volatile market conditions.
China: Sugar (White Granulated) Domestically Traded prices Ex-Guangxi.
In Q3 2025, Sugar prices in China exhibited marginal softening amid well-balanced supply-demand dynamics and adequate production. White Granulated Sugar prices Ex-Guangxi ranged between USD 760-870 per metric ton, declining approximately 1.72% compared to the previous quarter.
Steady refinery throughput, consistent crushing, and moderate consumption across food processing, beverage, and pharmaceutical sectors supported the price trend in China. Efficient inventory management and regular procurement activities helped sustain supply chain efficiency.
Regional distribution and logistics infrastructure operated smoothly. Producers maintained quality standards while applying competitive pricing to secure market share across industrial applications. In September 2025, Sugar prices in China declined further by 0.75%, blending subtly with the quarter’s mild softening trend and reflecting cautious demand conditions.
India: Sugar (Refined) Domestically Traded prices Ex-Sangli.
According to Price-Watch AI, In Q3 2025, Sugar prices in India ranged between USD 395-490 per metric ton, declining by approximately 2.05% compared to the previous quarter. The price trend in China experienced moderate downward pressure amid adequate domestic production and stable monsoon conditions across major Sugarcane-growing regions.
Sugar price trend in India during the quarter reflected steady supply from Maharashtra and Uttar Pradesh, while demand from beverage and confectionery sectors remained consistent. The Refined Sugar market witnessed balanced trading activity, with manufacturers maintaining steady output despite marginal price corrections.
Domestic consumption from food processing industries and festive demand provided support to market fundamentals, ensuring stable market conditions throughout the quarter. In September 2025, the last month of the quarter, Sugar prices in India declined by 0.27%, harmonizing with the quarter’s overall moderate downward trend.
Global (NY 11): Sugar No. 11 (Raw Centrifugal Cane Sugar) Traded prices Globally.
In Q3 2025, the Sugar price trend globally showed a more hefty decline of 6.58%, with prices between USD 320-413 per metric ton as supply-demand balance improved slightly. Global Sugar price trend displayed resilience supported by efficient logistics and steady export volumes. The cautious market environment tempered price movements, with buyers reacting slowly amid lingering uncertainties.
September 2025 recorded a minor price decline of 0.84%, aligning with the quarter’s overall moderate downward trend. Demand stabilization in key consuming markets and controlled inventory levels contributed to limited price volatility.
Production discipline and downstream consumption, especially in food and beverage sectors, helped sustain the market despite softness. This quarter reflected tentative stabilization, with prospects for gradual recovery depending on global economic conditions going forward.
In Q4 2025, sugar markets exhibited mixed regional trends amid evolving supply-demand dynamics. In Brazil, refined sugar prices fell sharply due to abundant global supply, which outweighed production concerns from droughts and wildfires, keeping buyers cautious and procurement restrained.
In China, white granulated sugar prices softened as rising domestic production, an increasing number of operational mills, and sluggish demand created downward pressure on prices, with the market expected to remain weak in the short term. In contrast, India saw a modest increase in domestic sugar prices, supported by strong production across key states, which underpinned local supply despite broader challenges.
On the global stage, raw sugar prices declined, reflecting improved supply from Brazil and India after years of export restrictions, while earlier concerns over Brazil’s production risks and India’s previous export ban continue to influence market sentiment. Overall, the fourth quarter highlights a supply-driven market, with regional variations shaped by production performance, domestic demand, and global trade flows, contributing to a broadly subdued but nuanced pricing environment.
Brazil: Sugar Export prices FOB Santos, Brazil, Grade- Refined Sugar
In Q4 2025, Refined Sugar prices in Brazil FOB Santos fell by 11%, with prices ranging between 418 and 440 USD per metric ton. The price decline observed in Q4 is primarily driven by ample global supply conditions, which continued to outweigh concerns surrounding potential production losses in Brazil, the world’s largest producer and exporter.
Although drought conditions and wildfires disrupted agricultural regions and increasing uncertainties about output levels, these risks did not translate into immediate supply tightness. Strong production from other origins, comfortable inventory levels, and steady availability across the global market ensured sufficient supply coverage.
As a result, buyers remained confident and restrained in their procurement, allowing oversupply dynamics to dominate market sentiment and exert sustained downward pressure on prices throughout the quarter.
China: Sugar Domestically Traded prices, Ex-Guangxi, China, Grade- Granulated Sugar
According to Price-Watch™ , in Q4 2025, Sugar prices in China exhibited marginal softening amid well-balanced supply-demand dynamics and adequate production. White Granulated Sugar prices Ex-Guangxi ranged between USD 760-870 per metric ton, declining approximately 4% compared to the previous quarter.
The number of sugar mills in Yunnan has grown, leading to increasing pressure on producers to sell their stock. The weakening of domestic sugar prices is primarily driven by rising imports, higher domestic production, and sluggish demand.
Overall, the market remains subdued, and sugar prices continue to trend downward. Due to the increase in domestic production and sluggish market demand, it is expected that white sugar will mainly fluctuate weakly in the short term.
India: Sugar Domestically Traded prices, Ex-Sangli, India, Grade- Refined Sugar
In Q4 2025, Sugar prices in India prices ranged between USD 395-490 per metric ton. Sugar prices increased by 1 percent compared to the previous quarter, supported by strong production performance across key states. Uttar Pradesh recorded higher output by mid-January, reflecting an increase of around 8 percent year on year, while Karnataka showed improved crushing momentum with production rising about 13 percent over the same period last season.
Maharashtra also reported a significant boost in sugar output, reaching 64.50 lakh tons, a 51 percent increase compared to the previous year, supported by a higher number of operational mills. The combined effect of increased production in these major producing regions underpinned the upward movement in domestic sugar prices despite broader market challenges.
Global (NY 11): Sugar No. 11 Traded prices, Globally, Grade- Raw Centrifugal Cane Sugar
In Q4 2025, the Sugar price trend globally showed a more moderate decline of 6.37%, with prices between USD 331-346 per metric ton as supply-demand balance improved slightly. Global sugar prices have declined amid evolving production and export dynamics.
While improved production in Brazil, the world’s largest producer and exporter, and a rebound in Indian output are expected to create a surplus in exports after three years of restrictions, prices are pressured earlier by concerns over reduced production in Brazil caused by drought and wildfires affecting key agricultural areas.
In addition, India’s sugar export ban, implemented in 2023 in response to lower production and market uncertainty, had previously constrained supply, but the anticipated recovery in output is now contributing to a bearish outlook for global sugar prices.