China's Ministry of Commerce (MOC) vowed to step up regulation of sugar markets on Sunday after reserves helped stabilize prices which recently rose to a record high amid continuing harsh weather.
Between Oct. 10-17, the retail price of small-packed sugar averaged 7.68 yuan per kilogram in major cities, up 1.3 percent from the end of September, according to data provided by the MOC.
It shows that prices have begun to stabilize, according to the MOC website. The ministry also vowed to strengthen market regulations.
China auctioned 210,000 tonnes of sugar reserves on Oct. 22 in a bid to curb soaring prices, which have been blamed on this season's frequent extreme weather in China's major sugar-producing areas, as well as reduced supplies overseas.
In southwest China's Guangxi Zhuang Autonomous Region, the country's major sugar-growing area, sugar prices hit a record 6,000 yuan per tonne (902.3 U.S. dollars) on Oct. 11.
Further, sugar futures hit an eight-month high of 683.20 pounds per tonne in London on Oct. 15.
Also, the MOC said government reserves remain abundant and pledged to improve market supplies and ensure the public's needs.
Between October 2009 and September 2010, eight batches of reserve sugar, or a total of 1.71 million tonnes, were auctioned, according to the MOC.
