Indian sugar industry welcomed the government's proposal to increase import duty on sugar but said it was not enough to stem cheap imports. The finance minister Yashwant Sinha, in his budget proposals for 1999/2000 (April-March), said the duty on refined sugar would be raised to 25 per cent from 20 per cent. SL Jain, director-general of the Indian Sugar Mills Association (ISMA), said the actual rise in the sugar import duty would be 7.5 per cent. ISMA's Jain said imposition of a 40 per cent duty would be the right deterrent against imports. Trade officials said 90,000 tonnes of sugar had been imported into India since January, after the government raised the import duty on it to 20 per cent from five per cent.

Asian fuel oil up

Singapore fuel oil swaps soared in early day trading on rumours that China had issued its long-awaited first quarter import quota. Traders said the news that Indonesia was expected to buy about 1.5 million barrels in April alsoadded to the bullish sentiment. March fuel oil was last quoted at $64.75/$65.00, up almost $2.00 from Friday's $63.00/$63.50, brokers said. "Fuel is up a lot this morning, mainly because of this talk that China had issued the import licence," one trader said. Chinese state oil traders, however, said that they have not received any official word of the issuance of import quota. They said the hype could be due to traders buying up the market in anticipation of a bumper purchase from China for April cargoes once the quota was issued.

Singapore fuel oil soars

Singapore fuel oil swaps soared in early day trading on rumours that China had issued its long-awaited first quarter import quota. Traders said the news that Indonesia was expected to buy about 1.5 million barrels in April also added to the bullish sentiment. March fuel oil was last quoted at $64.75/$65.00, up almost $2.00 from Friday's $63.00/$63.50, brokers said. "Fuel is up a lot this morning, mainly because of this talk that China had issuedthe import licence," one trader said.

Leather prices remains unchanged

Steady conditions prevailed on the local leather market today with prices moved in a narrow range on small exchange of buying and selling and settled around previous levels. Following were today's raw leather prices per skin in inches in Rs:- Goat salted 30"X40" Rs 65-70, goat unsalted 30"X40" Rs 80-90, sheep salted 32"X40" Rs 100-105 and sheep unsalted 32"X40" Rs 125. Treated leather prices per sq dm:- Goat suede 6-7.50 or 3.50 lot, goat napa 2.50-4.00 or 4.50 lot, sheep napa 250-7.00 or 5.00 lot, furnished leather Rs 100 per sq meter Rs 90 lot and buff Rs 30-100.

Draft report on CIS needs revision

The Association of Agri Plantation Companies of India (Aapci) has opined that the draft report on regulation of collective investment schemes (Cis) needs to be reviewed as the report in its present form was `detrimental to the existence and growth of the industry.' The association held a discussion on the matter with theSecurities and Exchange Board of India (Sebi) and the SA Dave committee on Wednesday. The association was of the opinion that the credit rating should be made optional, and net worth requirements be reduced to Rs three crore.

Select sugar mill gate prices up

Barring a marginal rise in select sugar mill gate prices owing to higher millers' advice, rest of all other commodities remained steady on the local sugar market here today. According to marketmen, business was satisfactory at wholesale market and traders were keen on doing business at yesterday's levels but select mill owners were enquiring higher rates for new sugar.

Bandh call

The Federation of Associations of Maharashtra and Action Committee of Distributive Trade will observe the `All Maharasthra- Mumbai Bandh today in protest against the black trade notice no. 07/99 issued by the Central excise commissioner, Mumbai. Bombay Metal Exchange, Bombay Non-ferrous Metals and Scrap Merchants Association and other organisation willjoin the bandh call.

--Reuters and agencies