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Indian Sugar Exim Corporation (ISEC) and NCDEX eMarket Ltd (NeML) have joined hands to launch an online platform for spot selling of sugar and allied products.
This online platform spots selling market for Indian sugar as it can help in better price discovery for mills and buyers alike, apart from offering transparency in operations and ease in settlement of post trade formalities.
The e-commerce platform would provide for trade options on continued market basis as also forward and reverse options as per the requirements of the buyer or the seller.
The platform can be expanded beyond sugar to related by-products, including molasses, ethanol, and bagasse as well as facilitating the purchase of consumables by the sugar mills.
The digital marketplace is being set up at a time Indian mills are anticipating a glut in sugar production which is expected to top 25 million tonnes and exploring options of bilateral trade with neighbouring countries like Sri Lanka and Bangladesh, which are net importers of sugar.