China likely imported nearly 5. The surplus, they say, has piled up in bonded warehouses and will take some time to work off, with lower imports likely this year overall and very few orders expected this quarter bitcoin trade wars a move that could cap global raw sugar prices.
China eclipsed Indonesia last year to become the world's biggest sugar importer. It imported 4.
A Hong Kong-based sugar trader said China will likely start importing in significant quantities only in April, adding that overall imports for the year will likely be about 1 million tonnes less than last year. The global market trades about 36 million tonnes of raw sugar a year, according to the International Sugar Organization, and 1 million tonnes less buying from China can impact world prices.
Also driving down Chinese sugar imports is uncertainty over the government's new import policy, which was expected to result in more liberalised rules but has yet to deliver them in practice. Sources say much of the stock in bonded warehouses has yet to be issued with an import licence, deterring traders from ordering in more sugar for now. Additional reporting by Hallie Gu.