Govt to force mills to export 2-4 MMT surplus sugar.

India will soon bring in rules to force sugar mills to export millions of tonnes of surplus supplies to prop up local prices, a move that could drag down global rates, which have hovered near 8-1/2 month lows. The country is likely to produce a record 29.5 million tonnes of sugar in the 2017/18 season that ends on Sept. 30, up 45% from the previous year, hammering local prices down by more than 15% in the past six months. The government would first scrap the 20 percent sugar export tax and then ask mills to compulsorily export 2-4 million tonnes of the sweetener to suck the extra supply out of the country.