Sugar (Raw)
Raw sugar is unrefined cane sugar traded on the ICE No.11 contract, the global benchmark. Brazil's Center-South region produces over 40% of global exports. Raw sugar is refined at destination into white sugar. Ethanol parity in Brazil creates a floor price as mills divert cane between sugar and ethanol.
- VHP (Very High Pol)
- VVHP
- Demerara
- Turbinado
- FOB
- CFR
- CIF
Sugar (Raw), in brief.
- Common origins
- Brazil
- India
- Thailand
- Australia
- Guatemala
- Common destinations
- China
- Indonesia
- Bangladesh
- Algeria
- United States
- Grades and specifications
- VHP (Very High Pol)
- VVHP
- Demerara
- Turbinado
- Incoterms
- FOB
- CFR
- CIF
- Unit of measure
- Metric Tons
What moves Sugar (Raw) pricing
Raw sugar (ICE Sugar #11) prices off the New York #11 contract for FOB raws. White sugar prices off the London #5 contract. The white premium (refining margin) signals refinery profitability. Brazilian Center-South harvest (April-November) and Indian harvest (October-April) set seasonality. Brazilian ethanol parity (sugar-vs-ethanol mill economics) is the dominant supply swing factor: when ethanol pays more, mills produce less sugar, and #11 rallies.
How Sugar (Raw) cargoes are priced and settled
Standard cargoes are 12,500 tonnes (the #11 contract size) or 25,000-50,000 tonnes for spot bulk trade. Pricing references #11 against contracted FOB Brazil or other origin. Refiners Sugar Industry contract (RSA) terms are standard for refined trade.
Sugar (Raw) specifications and dispute practice
Raw sugar: polarization 96-99 degrees, color, ash, moisture. Refined: ICUMSA color (45 ICUMSA = pristine white), polarization 99.7%+. Disputes turn on polarization, color, and bagged versus bulk handling damage.
Where Sugar (Raw) comes from and where it goes
Top exporters: Brazil (~30 Mt/year, dominant), Thailand, India (subject to export quota), Australia, Guatemala. Top importers: China, Indonesia, Algeria, Bangladesh, US, EU (white sugar imports for re-export). India's export policy oscillation (ban-quota-free) creates major price volatility in #5.
Who trades Sugar (Raw)?
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