CHINA: Traders re-selling cargos as demand slumps
Published: 08/08/2012, 4:18:43 PM
Chinese traders are reselling sugar cargoes on the international market as a better-than-expected domestic crop and the end of a government buying programme reduce the need for sugar imports, according to Agra-Net.
The reselling marks a change in China's voracious appetite for shipments during the first six months of 2012, when imports soared 170% on the year as a state-run scheme to buy sugar for reserves drove up domestic prices and encouraged traders to bring in cargoes.