U.S sugar refineries hike prices again as supplies tighten
By Marcy Nicholson
NEW YORK May 29 (Reuters) - Three U.S. sugar refiners, including Domino Sugar and Imperial Sugar, have this week raised refined sugar prices by up to a third, as supplies tighten and U.S. regulators consider imposing duties on Mexican imports.
United Sugars Corp and American Sugar Refining Group's (ASR) Domino Foods Inc issued new price lists to customers in letters on Tuesday, increasing industrial prices to $37 per hundredweight (cwt), or 37 cents per lb, through Sept. 30, 2015.
On the same day, Louis Dreyfus Commodities raised its list price for Imperial Sugar to $38 per cwt, but no time frame was given. All were effective immediately, according to letters to customers seen by Reuters.
Domino President and Chief Executive Officer Brian O'Malley said in an email to Reuters the move was "in response to higher raw sugar costs."
Imperial declined to comment, while United did not return calls or emails seeking comment.
The new prices represented an increase of between 12 to 32 percent since October, the last time the refiners, which accounted for more than half of the 11 million tonnes of U.S. refined sugar, changed prices.
The size of the hike surprised some traders because domestic raw prices have risen 20 percent since October.
On Tuesday, the domestic raw sugar futures price hit 25.55 cents per lb, the highest since October 2012. Continuación...