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China to close 140 sugar refineries

- 09 December 1999
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9 December 1999



China to close 140 sugar refineries


CHINA plans to close 140 sugar refineries next year, cutting annual production by almost a third to 7.5 million tonnes.

The refineries are losing money because of overproduction and inefficiency.

International prices have fallen to historic lows in the past two years because of oversupply in the market.

Meanwhile the Pakistan Sugar Mills Association warned that its members would be forced to stop paying sugar-cane growers if banks maintained their strict conditions for issuing working capital.

The sugar industry is not getting sufficient credit because of strict conditions introduced this year by the government of ousted prime minister Nawaz Sharif, the association said.

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