One of the biggest South African (SA) sugar companies Illovo Sugar SA has expressed its disappointment that the increase in the Dollar-Based Reference Price gazetted this Friday is only about half the increase the industry asked for in 2024.
The Dollar-Based Reference Price is an instrument that can be activated to protect the local industry when global sugar prices fall to the reference price.
Illovo Sugar SA wanted the protection mechanism to be set at 905 dollars, while only 785 dollars per ton was approved.
Illovo Sugar SA says in a statement this exposes the local industry to a worsening cycle of losses due to cheap imports, threatening jobs.
–SABC–
