Indian refiners will divert 350,000 tons of sugar originally headed offshore into the local market, people familiar with the matter said, after authorities cleared the move to ease a supply crunch.
The processors could release the stockpiles to domestic buyers within a week, said the people, who asked not to be named due to the commercial sensitivity of the information. That would be enough to meet total demand in the world’s most populous country for almost five days and would help tame prices that surged to a record high last week.
