The Pakistan Sugar Mills Association (PSMA) has urged the government to speed up the process of sugar buying through the Trading Corporation of Pakistan (TCP) in order to start sugarcane crushing season on time. Working under the ministry of commerce, Trading Cooperation floated a tender last week for buying 0.2 million ton sugar.
The crushing season of the sugarcane would be started the moment TCP approves the tender, PSMA Chairman Javed Kayani said in an issued statement. Mr Kayani said that it would enhance the liquidity of sugar mills which would enable millers to make prompt payments to sugarcane growers during the next crushing season. He said that the sugarcane production is expected to be around 54 million tonnes and production of sugar is forecasted to be around five million tonnes. He said that it would be a record production of sugar in the history of the country. During the last six weeks, sugar prices have fallen from Rs10 to Rs12 per kg which proves that the sugar stocks are more than demand.
