Wholesale sugar prices to go down in Korea amid lower crude prices

[Photo by Yonhap]

South Korean sugar refiners are expected to lower prices, following a recent decline in the international prices of raw sugar.

According to multiple industry sources on Thursday, CJ CheilJedang Corp., the largest sugar refinery in Korea, will begin negotiating a price cut on sugar with its corporate customers next month.

The cut rate will vary by the customer but it is expected to be around 4 percent. The cut will impact the prices of both white and brown sugar.

Samyang Corp. also plans to reduce prices for white and brown sugar by an average of 4 percent starting next month.

Industry insiders noted that the cut will not affect the sugar products available to end customers given the surging costs of raw and subsidiary materials for processed food manufacturing.