BLBG:China Said to Have Bought 250,000 Tons of Sugar as Price Falls
China, the second-biggest sugar consumer, bought 250,000 metric tons of the sweetener as a 23 percent decline in prices in the past year has made imports more attractive, said two executives with direct knowledge of the matter.
The raw-sugar cargos will arrive in January and February at about $460 a ton, cost-and-freight to China, said the executives, who asked not to be identified because the information is private. At least one cargo will be sourced from Guatemala, they added.
China’s purchases may help absorb the global sugar surplus. Goldman Sachs Group Inc. cut its price forecast this week amid the glut.
Sugar in New York dropped in the past year as farmers from Russia to Thailand planted more crops.
To contact Bloomberg News staff for this story: Feiwen Rong in Beijing at frong2@bloomberg.net
To contact the editor responsible for this story: Brett Miller at bmiller30@bloomberg.net
