Chinese buyers are currently loading dozens of ships with around 750,000 tons of sugar at Brazilian ports, the Asian country’s first major import move in 2023, according to shipping data compiled by Reuters.

The state-owned trader Cofco International is doing most of the export business, having nominated seven vessels to load sugar at Brazilian ports, while Singapore trading house Wilmar has nominated six vessels.

Independent sugar analyst Claudiu Covrig estimates that Chinese buyers close an even larger volume of imports in total, mainly from Brazil, as the country is usually the only major exporter in the market in the second half of the year. He estimates that the deals add up to 3 million tons in total, with shipments spread out from now until December.

Brazil is expected to have a near-record sugar crop in 2023/24, as the weather has been positive.

(Source: Notícias Agrícolas)