Early mill shutdowns signal potential second consecutive sugar deficit in India.

– Large sugar producer, directly impacted by output trends – Integrated sugar and ethanol player affected by supply dynamics Lower cane availability and early mill closures are tightening sugar production, raising concerns of a second yearly deficit and supply imbalance. Cautious: Supply shocks can influence pricing power, ethanol diversion, and policy decisions. Track agri cycles, output trends, and government interventions.