JAKARTA: A global sugar surplus will keep prices under pressure for the foreseeable future, although the commodity is unlikely to trade below 15 US cents per pound, an official from the International Sugar Organization (ISO) said.
Benchmark New York futures SBc1 plunged to a three-year low of 15.93 cents a pound in July on the prospect of a bumper crop in Brazil. Even though forecasters have since trimmed their predictions for the world’s top producer, it is still expected to rack up record output, and prices last stood at $16.47.
“There is bearish pressure on prices, at least until we see how this 13/14 season goes on. (But) personally, I don’t think prices will go below 15 cents,” ISO Executive Director Peter Baron said on the sidelines of an industry conference.
Other sources at the event on the Indonesian island of Bali said that low prices could prompt key producers to cut output or curb sales, slightly easing the downward price-momentum.
Patches of demand will also help rein in price losses.
Indonesia’s raw sugar imports could more than double to 5.4 million tons in 2013 from 2.5 million tons last year after heavy rains hit domestic output and due to rising consumption and population growth.
“Total imports could reach 5.4 million tons as there is a weather anomaly and there’s no increase in plantation areas,” Achmad Widjaja, secretary general of the Indonesian Sugar Association, said at the event.
And on the supply-side, Brazil’s leading forecaster Datagro is expected to lower its 2013/14 cane crush forecast for the key center-south region as well as estimates for Brazil’s sugar crop due to a July frost.
A senior industry official said a sluggish global market could encourage Brazilian growers to produce more ethanol.
“Sugar prices need to go up for Brazilians to sell sugar, otherwise Brazilians are going to sell only ethanol,” he said.
The ISO said last week it expected the sugar surplus to slide to 4.5 million tons in 2013/2014 from 10.3 million tons in 2012/2013. World sugar output is predicted to fall by 2.1 million tons year-on-year to 180.8 million tons in the season from October 2013 to September 2014, the group said in its latest quarterly report.
Sugar surplus to keep prices under pressure
Sugar surplus to keep prices under pressure
Saudi Arabia launches skills framework to support mining, industrial growth
JEDDAH: Saudi Arabia has launched a new skills framework for the mining and industrial sectors to standardize job roles and support workforce development.
The initiative was unveiled by Minister of Industry and Mineral Resources Bandar Alkhorayef on the sidelines of the Global Labor Market Conference 2026, according to Al-Eqtisadiah.
The framework is intended to help employers, job seekers and training providers better navigate labor demand in mining and industry, as Saudi Arabia accelerates investment in manufacturing, minerals processing and related value chains under Vision 2030.
“This is, in fact, a tool which ensures clear definitions of occupations and their required skills. It will cover more than 500 job roles, detailing the necessary skills, responsibilities, and titles,” Alkhorayef said during a discussion panel at the event.
The Ministry of Industry and Mineral Resources said the initiative — known as the Industry & Mining Occupations & Skills Framework — will serve as a national reference for occupations and skills in mining and industry.
The framework is designed to achieve a set of strategic objectives that support human capital development in the industrial and mining sectors. It aims to strengthen workforce planning, training programs, and career pathways, while supporting informed decision-making.
Covering more than 500 industrial occupations, over 300 professional specialties, 600 skills, and 900 professional certifications, the framework sets standardized job titles, descriptions, and skill requirements to support recruitment, performance, and competitiveness.
For each occupation, a profile is developed, outlining the code, job titles, and descriptions, as well as other information such as key tasks, educational qualifications, and required skills.
These profiles give employees clarity on roles, career pathways, and accredited credentials, while helping job seekers match their qualifications with suitable roles and focus on targeted skill development.
The framework, published by the ministry, runs to nearly 3,200 pages and was developed through collaboration with the General Authority for Statistics, alongside government bodies, private sector organizations and academic institutions.
The launch comes as Saudi Arabia’s mining push gains momentum after new surveys of the Arabian Shield showed the Kingdom’s mineral resources are larger than previously estimated.
Official estimates have jumped by about 90 percent to roughly SR9.37 trillion ($2.5 trillion), up from around SR5 trillion in 2016, strengthening the case for further mining investment and skills development.
