Sugar prices continued to rise in the Egyptian market, bringing the ton up by about EGP 1,400 within 5 days, to record EGP 10,000 per ton compared to last week’s EGP 8,600, according to the head of the Sugar Division of the Egyptian Federation of Industries Hassan Al-Fandi.
Al-Fandi said that there is a force that is still pressuring the sugar market in the current period, pointing out that the rise in prices has absolutely no justification, which puts all food industries at risk.
Sugar prices in the Egyptian market fell on September 22, bringing the price of a ton in the market down by EGP 800 to EGP 8350.
The head of the Sugar Division confirmed that there is an increase in the quantities produced and the markets are witnessing an abundance of the product, but the prices are rising day after day.
He accused the merchants of causing the sugar high crisis, especially after carrying out storage operations in order to raise the price of the product to the Egyptian consumer.
The season of sugar cane cultivation begins in the month of December until April, and the harvest takes place in May, after which it enters the production process, while the cultivation of sugar beet begins from February to June.
Sugarcane growers in Egypt are demanding government officials to increase the price of supplying a ton of sugar cane from EGP 720 to EGP 1,000 in order to face the high agricultural cost.
The Egyptian government raised the price of a ton of sugar cane to EGP 720 per ton in 2018, in an attempt to support the Egyptian farmer.
It is noteworthy that the volume of Egypt’s consumption of sugar ranges from 3 to 3.2 million tons annually, of which 2.4 million tons are domestic production, according to the Egyptian Ministry of Supply.