CAIRO: Egypt has arranged to import 300,000 tons of raw sugar from Brazil, at a cost of U.S. $500 per ton. The Egyptian Company of Sugar and Integrated Industries, a subsidiary of the Holding Company for Food Industries, contracted the deal with the International Group for advanced solutions. Sugar deliveries will begin one month after receiving account information, said the executive manager of the International Group, Mohamed Abdel Fatah Wahdan. “Each batch consists of 25,000 tons of sugar,” he said. The sugar company started contracting with sugar providers to cover Egyptian sugar demand in the 2011/2012 fiscal year. This will also help to stabilize sugar prices and prevent manipulations of prices in the future. It is worth mentioning that sugar prices reached 6 EGP per kilo (U.S. $1) in Egyptian markets. However, consumer cooperatives subsidize the cost to 5 EGP per kilo. Sugar prices, in October 2011, decreased in London stock market by 2.5 percent pointing $754.86 per ton.
