Millgate sugar prices in the Visayas region have shown positive signs of improvement, indicating a potential upswing in the market.
Despite hovering below P3,000 per Lkg this week, there has been a notable increase in some mills, according to Sugar Regulatory Administrator Pablo Azcona.
This development brings hope to the industry, as prices surged in certain key locations on October 4 and 5.
In Victorias City, Victorias Milling Co. led the way with prices at P2,803.35, closely followed by First Farmers Holding Corp. in Talisay City at P2,789.90, and Hawaiian Philippine Co. in Silay City at P2,788.88. Other notable figures include Central Azucarera de La Carlota at P2,721.92, Binalbagan Isabela Sugar Co. in Binalbagan at P2,720.28, and Southern Negros Development Corp. in Kabankalan City at P2,710.
The average millgate sugar prices for the Visayas region stood at P2,720.48 per Lkg as of October 1, indicating a positive trend from previous weeks.
This increase is significant when compared to P2,745.06 (September 24), P2,702.73 (September 17), and P2,825.35 (September 3), providing optimism for the sugar industry’s stakeholders.
Azcona said there is a shift in market dynamics, emphasizing that winning bidders now comprise traders rather than mills. This change reflects a positive market shift, signifying increased opportunities for traders and a potentially more competitive landscape.