Sugar prices on the Vashi wholesale market dropped by Rs 10-20 a quintal on Monday on slack month-end demand.
Naka prices for S-grade declined by Rs 10-20, while M-grade ruled mixed according to quality.
At mill level, prices were unchanged as very few producers offered sale tenders on Saturday evening.
Market players are now eagerly waiting for Budget proposals for sugar sector for further directions.
Jagdish Rawal of B. Bhogilal and co said: “The volume was thin at upper level while in the physical market, it remained under pressure due to month-end local demand.
Very few producers offered sale tenders on Saturday evening and sold small quantity”.
He said that “as Vashi market carries sufficient stocks, stockists feel that there is no need to bet for fresh commitment as retail demand is not expected to increase till the start of new month.
“Freight rates were steady after rising by Rs 10 recently on shortage of trucks in Kolhapur- Karad line”.
Mills are not very eager to sell at lower rates.
On Saturday, merely 4-5 mills sold 10,000-12,000 bags (each of 100 kg) to local buyers in the steady range of Rs 3,090-3,150 (Rs 3,090-3,150) for S-grade and Rs 3,190-3,260 (Rs 3,190-3,260) for M-grade.
On the National Commodities and Derivatives Exchange, sugar prices for March was down by Rs 9 to Rs 3,077 (Rs 3,086); April dropped to Rs 3,138 (Rs 3,142) and May was Rs 3,185 (Rs 3,192) till noon.
The Bombay Sugar Merchants Association’s spot rates: S-grade Rs 3,216-3,282 (Rs 3,216-3,300) and M-grade Rs 3,272-3,431 (Rs 3,272-3,442). Naka delivery rates were: S-grade Rs 3,150-3,190 (Rs 3,180-3,200) and M-grade Rs 3,240-3,350 (Rs 3,230-3,360).