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Chinese sugar importers may cancel orders due to Beijing controls

 

Chinese refineries can cancel more sugar imports in the coming months if Beijing show signs of tighter control of imports through a newly introduced system of licenses, according to market sources.

Chinese buyers have canceled more than six loads of white sugar last month, according to traders. Sources said there may be more cancellations because some refineries are afraid of not getting enough import licenses next year to cover recent purchases.

China has demanded that sugar importers to register imports above its quota since November last year, as it seeks to control a flow of cheap imports of the sweetener that local mills claim to impact your business. Chinese imports rose 55 percent in the first nine months of the year-on-year to 3.79 million tons.

Authorities have not reached a conclusion about how many licenses will offer, with discussions still underway between the government and industry.

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