BEIJING, Feb 28: China is expected to import more sugar and postpone a sale from domestic reserves, as world sugar prices fall, traders said. A private sugar firm in the coastal province of Shandong recently bought 60,000 tons of raw sugar from Brazil, said a mill executive, and could buy more if prices continue to ease.

If the price falls below 16 cents, we will buy more, said the executive, who declined to give his company’s identity or reveal price or shipment details.

New York Board of Trade raw sugar futures prices have tumbled as speculators liquidated and as sugar market investors rolled their positions.

March raw sugar contract dropped 1.07 cents, or 6.07 per cent, to close at 16.55 cents a lb on Monday.

Chinese sugar prices have fallen since mid-February after the government said it was considering releasing an additional 1.0 million tons of reserves to cover a domestic deficit.

—Reuters