The average mill-site price of domestic sugar as of March 4 sustained a five-week increment and rose to a crop-year high of P1,440.46 per 50-kilogram bag (LKg), latest data from the Sugar Regulatory Administration (SRA) showed.
The figure was 3.16 percent higher than the previous week’s recorded quotation of P1,396.30 per LKg.
SRA data also showed that this is the highest recorded price level in the current calendar year (CY) 2017 and 2018, which ends on August 31.
In fact, this is the only second time in the current CY that the average price of domestic sugar or “B” sugar breached the P1,400 per LKg price level.
The first time was on January 21, when average mill-site price of B sugar peaked at P1,416.44 per LKg.
During the reference period, the composite price of sugar rose to a crop-year high of P1,413.29 per LKg, latest SRA data showed.
The figure was 2.93 percent higher than the P1,373.04 per LKg recorded quotation in the previous week.
This is the first time in the current CY that the composite price of sugar breached the P1,400 quotation level.
On the other hand, the average mill-site price of “A” sugar or sugar bound for exports to Washington as of March 4 sunk to a crop-year low of P1,124.83 per LKg.
The latest mill-site price quotation for A sugar was 1.06 percent lower than the P1,136.92 per LKG price level recorded on March 25, SRA data showed.