Raizen CEO says sugar prices to change due to India's falling demand
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DUBAI - Global sugar prices will structurally change as demand from India falls and more volatility is expected in correlation with energy prices, Ricardo Mussa, chief executive officer for the world's largest sugar maker Raizen, said on Monday.
Mussa, whose company's current sugar production is 6.2 billion tonnes, said there will be a spike in sugar prices due to the Russia-Ukraine war.
He said he did not expect a rise in sugar production in Brazil and that additional sugar produced there will be more expensive.
