Massive fire puts pressure on sugar trade

A fire in a warehouse in one of the world’s busiest sugar terminals in Santos, Brazil, will have a huge impact on transport, as well as the price, of this commodity in high demand.

Photo: Colourbox

The flames from the extensive fire on the dock of the Brazilian city Santos consumed 180,000 tonnes of sugar on Friday. But, in addition to the loss of the immediate sugar stock, the fire will also have an effect of the rest of the global sugar market, and especially two players are involved in the sugar trade from Brazil.

As the fire ravaged the terminal, the world’s sugar traders attempted to secure their own Brazilian deliveries and contracts, which have come under pressure this year due to poor weather conditions and poor overall yield. 18m tonnes of raw sugar changed hands on Friday, more than three times the average for the current year, and prices soared to their highest levels this year, according to Reuters.

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