India's sugar output declines 8.3% Y/Y:ISMA

Indian sugar mills have produced 24.3 million tons of sugar since October 1, when the current season began, 8.3% lower than a year earlier, as per the data compiled by Indian Sugar Mills Association (ISMA), after two droughts in a row cut sugarcane yields.

As the season tapers off, most mills have downed shutters.

The government has already lowered its sugar output estimate by 1.4% to 25.64 million tons. Forecasts of lower output have propped up local and global prices.