A customer picks sugar at a supermarket in Nairobi. FILE PHOTO | NMG
What you need to know:
Firms say over the last 10 days, they have hardly made significant sales warning that the situation could adversely affect prices for cane deliveries.
Sony Sugar managing director Bernard Otieno said the surplus sugar could be as a result of availability of customs bonded sugar that is flowing in from Uganda through Busia and apparent release of duty-free imports held from 2017.
If the trend continues, he cautioned, the market could collapse as the price of locally produced sugar has taken a drastic drop to stand at Sh4,500 per 50 kilogramme bag from Sh6,200 seeks ago.
Sugarcane millers have questioned the ‘mysterious’ surplus of the sweetener in the market, a situation that has left them with unsold stocks.
Firms say over the last 10 days, they have hardly made significant sales warning that the situation could adversely affect prices for cane deliveries.
