Fire Consumes 180,000 Tons of Sugar in Brazil Port
Posted by feww on October 19, 2013
Brazil fire destroys major sugar terminal, pushing sugar prices to a one-year high
A fire in Brazil’s largest port of Santos has destroyed warehouses containing at least 180,000 tons of raw sugar, pushing global prices to a one-year high.
The terminal affected by the blaze belongs to Copersucar, world’s largest sugar trader, with export capacity of about 10 million tons per year.
The destruction of the terminal infrastructure is expected to affect short-term deliveries as well as causing “disruption in Copersucar’s loading operations in the next 3-6 months,” according to a report quoting analysts at Credit Suisse investment bank.
The world’s largest sugar exporter, Brazil produces about 34 million tons of sugar annually and accounts for 50 percent of global sales.