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Economic Development Ministry proposes to abolish minimum sugar price
31.01.2012 10:03 "Agro Perspectiva" (Kyiv) —
The Economic Development and Trade Ministry proposes to abolish the price formation in the beet sugar complex, the draft law, published on the ministry’s official website reads.
In particular, it is proposed to exclude a relevant item from the law «On State Regulation of Sugar Production and Sale.» This article regulates such norms as "the minimum price for beet sugar, which is supplied for production of sugar of A quota and the minimum price for A quota sugar, which are annually determined by the Cabinet based on proposals from the Agrarian Policy and Food Ministry. The minimum price for beet sugar, which is supplied for production of A quota sugar is set every year before January 1 of the current year with the use of monthly inflation indexes. Minimum prices for sugar and sugar beet are set at the level, ensuring profitability of production. Ukraine produced 2.33 million tons of beet sugar in the current year of sugar beet processed in 2011. Capacity of the Ukrainian sugar market is estimated by experts at 1.86 million tons a year. According to the State Statistics Service, supply of sugar beet to sugar refineries increased by 33.9% tî 17.744 million tons last year. As to expert forecasts, average wholesale price for sugar in Ukraine this year will be USD 600/ton following almost USD 810 by results of 2011.
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