China to auction 200,000 tonnes of white sugar

China will sell 200,000 tonnes of white sugar from state reserves next week to help cover a supply deficit and cool soaring domestic prices, according to a statement by the National Development and Reform Commission seen on Friday. The sale on August 5 is the seventh batch of such sales in the current year, with a bidding price set at 4,000 yuan ($620.8) per tonne and each lot set at 300 tonnes, the NDRC said.
Domestic sugar prices in Chengdu province have soared to a record high of 7,690 yuan a tonne this week, up 44.8 percent from a year ago, according to local media reports. The months of August to November are traditionally the period of peak demand for sugar, and the China Sugar Association has forecast a supply deficit of 2 million tonnes.