Reuters: Import of Several Thousand Tons of Sugar from Brazil to Iran

Reuters reported on Saturday that for the first time since the lifting of sanctions against the Islamic Republic in January, Iran has purchased over 250,000 tons of raw sugar. According to Reuters, citing trade sources, Iranian importers have bought at least 250,000 tons of raw sugar from Brazil. One of these sources stated that between 250,000 to 300,000 tons of sugar has been purchased for delivery between May and June of this month. However, another source mentioned that the volume of sugar purchased by Iranian traders is likely to be higher than this. According to this source, Iranian buyers have shared costs among themselves to cope with the challenging financial conditions of importing this commodity. Another source also indicated that due to the increase in raw sugar orders reaching the highest level in two and a half years, there is currently no possibility for further purchases. In their opinion, the market has taken an upward trend, which raises questions about the likelihood of more buying and selling. They noted that when the orders were placed, the market price was between 16.5 to 17 cents per pound, and now the price of this commodity has reached 68.19 cents per pound. International sanctions, including trade restrictions against Iran, were lifted in January following an agreement with global powers regarding Iran's nuclear program. However, these restrictions did not include the trade of food and humanitarian aid. Nevertheless, ongoing financial difficulties coupled with increased stockpiles of goods, including sugar, have slowed related activities over the past year. Trade sources say that Iran last imported sugar in the last quarter of the previous year.