Chinese traders say sugar imports unlikely

Chinese sugar plants are unlikely to import sugar from the world market for domestic sale given the current high world price, traders said on Wednesday. Rumours persist in the market that China bought around 100,000 tonnes, perhaps more, of sugar, likely raws, from Central America, possibly Guatemala, or Brazil. Domestic sugar prices in the major consuming Shanghai area had fallen about 40 yuan per tonne by Tuesday from a week earlier to 3,310 yuan ($399.9) per tonne, but were still 5.0 percent higher than a month earlier.
Imports would be possible if world sugar prices fell below 8.5 cents a lb, traders said.
The New York Board of Trade's May raw sugar contract closed at 8.75 cents a lb on Tuesday, the lowest level for sugar since trading in late February near 8.40 cents.
Traders said China was in no hurry to release stocks to cap the rising domestic price due to the high world sugar prices.