India bans sugar exports through Sept 2026 as closing stocks hit record-low 3.5-3.8 mt
DGFT halts sugar exports immediately to protect domestic supply, with exemptions only for EU/US quotas and Advance Authorization. ISMA flags 0.75 mt of unshipped contracts at risk despite 28 mt net production forecast. Closing stocks projected at just 1.5 months of demand.
What happened
Government of India · India bans sugar exports immediately through September 30, 2026 to stabilize domestic prices, with exemptions for EU/US quota shipments
Key facts
- 1.59 mt export quota
- 0.53 mt shipped by end-March
- 0.75 mt industry estimate
- 1 mt total contracts
- 0.2 mt retained
- 28 mt net production 2025-26
- 26.1 mt prior season
- 3.5-3.8 mt closing stocks
- 1.5 months of demand
Why this matters
The 0.75 mt of stranded export contracts and tight 1.5-month domestic cover create distressed-asset and supply-agreement opportunities with Indian millers seeking liquidity outside EU/US quota channels.