Sugar news — Vesper

White sugar rallies on weather risk while physical prices sit still

White sugar futures rallied to $475/mt on El Niño and heatwave risk to crops in India and the EU, even as physical prices stayed calm on comfortable supply.

A new-crop tender resets EU sugar price expectations

A single tender has shaken assumptions across the European sugar market. A multinational bought 2026-27 sugar at €530 DDP delivered to its EU factories, a...

European sugar: buyers and sellers dig in on new-crop prices

The market for 2026/27 European sugar has settled into a standoff. Buyers are holding around the €530 mark depending on volume, while sellers are trying to...

Brazil's bumper crush and softer oil weigh on sugar prices

A strong result from Brazil and weaker oil prices have offset El Niño risk to keep sugar under pressure. Oil fell about 4% over the past month as ceasefire...

Thai cane pivots to tapioca as China's sugar surplus builds

East Asia's sugar markets are heading into the new season with weather and policy pulling in different directions. In Thailand, the three-month outlook...

Südzucker's sugar division posts €177 million loss as S&P turns negative

Südzucker confirmed that its sugar division recorded an operating loss of €177 million in 2025/26, compared to a €13 million loss the year before, as...

Sugar's 2026/27 deficit is confirmed, but the size gap between forecasters is enormous

The International Sugar Organization published its first estimate for the 2026/27 crop year this week, projecting a global sugar deficit of 262,000 tonnes....

Energy market strength lifts sugar to one-month high

Raw sugar prices extended their climb over the past week. The NY11 July contract closed at a one-month high of 15.37 USc/lb on 5 May, supported by spillover ...

EU partially suspends sugar IPP imports for one year from May 27

The European Commission's Management Committee for sugar voted on April 30 to partially suspend Inward Processing Procedure (IPP) imports for one year, with ...

El Niño risk reshapes sugar's 2026/27 supply outlook

Raw sugar edged higher this week, supported by Brazil's planned anhydrous ethanol blending rate increase from 30% to 32% (pending formal approval at a CNPE...

Nordic Sugar to close Porkalla refinery, first EU standalone closure since end of quotas

Nordic Sugar has announced the closure of its standalone refinery in Porkalla, Finland, with raw sugar refining to be moved to the company's beet factory....

Sugar retreats from March highs on easing geopolitical risk

Global prices pull back The Sugar No. 11 raw price stood at $13.88/lb and No. 5 white at $424/mt as of April 14. The reversal reflects bearish underlying...

Variable spring weather disrupts EU sugar beet drilling, area down 7% year on year

Conditions for beet drilling have been uneven across northern Europe this spring, adding uncertainty to the EU sugar supply outlook heading into the 2026/27 ...

Sugar prices edge higher on crude oil rally, but fundamentals stay soft

Sugar prices moved modestly higher this week, driven almost entirely by the sharp rise in crude oil rather than any change in underlying supply and demand...

EU sugar beet farmers face higher costs as energy prices climb

European sugar beet growers are heading into the 2026 planting season with a more challenging cost environment, as diesel and gas prices rise in the wake of ...

Corn and wheat prices climb on energy costs and tighter 2026 supply forecasts

Corn and wheat prices have moved higher over the past two weeks, supported by rising Brent crude oil prices and downward revisions to 2026 global supply...

Why a $100 oil price isn't lifting sugar markets

Crude oil briefly touched $100/barrel following the closure of the Strait of Hormuz, a move that would normally push ethanol economics higher and redirect...

Bakery market forecast 2026: flour, starches, eggs, dairy, vegetable oils, sugar, cocoa, nuts

Bakery procurement in H2 2026 is shaped by a mix of signals: some ingredients are softening, others are under renewed pressure, and a handful are in...

Chocolate forecast 2026: cocoa, sugar, vegetable oils, nuts

Chocolate manufacturers are navigating an ingredient landscape that looks very different today from where it started the year. Cocoa has come down sharply,...

Glucose syrup and dextrose stabilise after 2025 correction, with energy costs the main upside risk

Both glucose syrup and dextrose monohydrate went through a significant correction through 2025, driven by easing corn and wheat feedstock costs, elevated...

Sports Nutrition ingredients forecast 2026: whey protein powders, eggs, sugar, nuts, cooa

The sports nutrition supply chain is under more pressure than it has been in years, and the drivers are no longer just about sports. Demand for whey...

Sugar market forecast: raw, white, sweeteners

The sugar market in 2026 is operating in a surplus environment, but the story is more nuanced than that headline suggests. Energy market dynamics, Brazilian ...

Sugar markets stabilise after Q1 surplus pressure, with Brazil and energy dynamics shaping the outlook

Raw and white sugar both spent most of Q1 under surplus pressure before stabilising and recovering into early March as energy markets strengthened. The...

Brent at $80, $120, or $150: Scenario Analysis of the Impact on Global Commodity Markets

Explore three Brent oil price scenarios ($80, $120, and $150) and their potential impact on global commodity markets.

High EU sugar stocks keep market under pressure

EU sugar stocks reach the highest level in three years as the beet campaign ends. Energy costs and global market developments remain key...

How the Middle East conflict is moving commodity markets

As the Middle East conflict disrupts the Strait of Hormuz, Brent crude tops $105, find out how it's moving prices across commodity markets.

Weather anomalies raise risks across key sugar regions

Unusual weather patterns across Europe, Brazil, India and China raise production risks for sugarbeet and sugarcane as temperature and...

Grain prices rise on Middle East conflict, with wheat, corn and soybeans all moving higher

Grain markets moved higher over the past two weeks, with the Middle East conflict the most significant driver. Wheat, corn, barley, and...

Sugar prices near multi-year lows as global surplus holds, crude volatility adds uncertainty

Sugar prices touched multi-year lows in mid-February before a partial recovery linked to crude oil gains. The 2025/26 surplus remains...

Strait of Hormuz tensions and the short-term outlook for brent crude oil

How Middle East tensions and Strait of Hormuz disruptions impact food commodities through energy prices, fertilizer costs, freight, USD strength and market sent

Thailand's sugar output set to fall as disease and labour shortages reshape next season

Thailand's sugar sector faces a significant production decline in 2026/27, as white leaf disease, reduced migrant labour, and a shift...

European sugar producers feel the squeeze as market prices stay low

European sugar producers report heavy losses as low market prices bite Meta description: Tereos and Südzucker have both reported...

Sugar markets hit five-year lows as global surplus weighs on prices

Raw sugar prices fell to their lowest since October 2020 as a 1–5 MMT global surplus weighs on markets, European stocks climb to 9.3 MMT...

EU sugar production projected to fall 10% as consumption uncertainty clouds market outlook

EU sugar production projected to decline to 15.4 million tonnes in 2026/27 from 17.05 million tonnes. Import needs unclear as November...

European sugar producers face mounting losses as Süedzucker reports €136 million deficit

European sugar producers face mounting losses with Süedzucker posting a €136M deficit and Nordzucker losing €56M as depressed prices...

India's sugar production jumps 22% while global surplus widens to 4.7 million tonnes

India's sugar production increased 22% to 15.9 million tonnes through mid-January while the global surplus widened to 4.7 million tonnes...

Brazilian sugar mills drop allocation to 35.5% in seventh consecutive fortnight decline

Brazilian sugar allocation declined for seventh consecutive fortnight to 35.5%, down from 44.6% last year, raising questions about 2026/27...

Südzucker takes radical position with 15-25% beet reduction

Südzucker announces beet reductions of 15-25% as Tereos maintains contractual area unchanged. The diverging strategies could create discord...

European sugar processors announce 2026 acreage cuts following stock accumulation

European processors announce larger-than-expected acreage reductions for 2026 while Brazilian mills conclude early with 120 units finished...

European sugar producers cut beet area in emergency move

Suedzucker offers €10/tonne premium to cut 2026 beet area as European sugar prices drop to €425/tonne. French growers battle virus yellows...

Shipping rates from Asia to Europe climb 3-4% on major routes

Shipping rates from Asia to Europe increased 3-4% on major routes as carriers manage capacity and 2026 contract negotiations begin.

Record yields drive European sugar producers to cut 2026 output

Major European sugar producers announce significant production cuts for 2026 as record yields and elevated stocks create supply pressures.

Chocolate makers adjust recipes as cocoa costs remain elevated

High cocoa prices drive chocolate recipe changes as companies use rice, oats, and sunflower seeds. McVitie's and KitKat brands lose...

European sugar producers face break-even crisis with prices at €450

European sugar prices fall to €450 ex-factory beet belt, forcing producers toward break-even. Analysis of current market values and...

Raw sugar prices hit four-year lows on surplus concerns

Raw sugar futures drop to 14.37 cents per pound, the lowest since April 2021. Brazilian production forecasts and Indian export potential...

European sugar prices decline over 20% since May

European sugar prices have fallen over 20% since May to €475/tonne as exceptional harvest yields and evolving market dynamics reshape pricing

Cocoa prices fall 20% over past month as main crop expectations remain optimistic

Cocoa futures fall 20% in a month as West African main crop expectations remain optimistic. European Q3 grindings beat estimates.

European sugar prices trade below import parity while 2026 acreage faces potential cuts

European sugar prices trade below €586/tonne import parity as early data shows 3% acreage reduction expected for 2026.

European sugar prices fall below import parity amid 2025 harvest season

European white sugar prices for 2026 delivery have fallen below import parity as harvest progresses. Analysis of pricing dynamics...

Polish sugar beet growers earn €52.55 per tonne, highest in Europe with EU subsidy support

Polish sugar beet farmers receive €52.55/tonne, Europe's highest compensation with EU subsidy support. Analysis of competitive impacts on...

Raw sugar futures recover as Brazilian mills eye ethanol production shift

Raw sugar futures bounced back to $16.1/lb as Brazilian mills signal potential pivot to ethanol production. European yields exceed forecasts..

EU sugar prices tumble €25 per tonne as harvest outlook brightens

European sugar markets experienced a sharp correction this week, with prices falling approximately €25 per tonne across the EU beet belt as exceptionally...

Raw sugar futures break below 16 cents as Brazilian mills weigh ethanol shift

Sugar futures drop to 15.9 cents amid supply pressures and negative positioning, while Brazilian mills weigh shifting to more profitable...

European sugar harvest begins with mixed crop conditions and trade uncertainties

Europe's sugar beet harvest has commenced across most growing regions, with processing facilities ramping up operations amid a complex backdrop of variable...

Brazil lifts sugar production to five-year high while Europe faces oversupply

Brazil’s Center–South mills pushed sugar output to the highest early-August level in five years, with 55% of cane directed to sugar.

China's sugar imports surge while Inner Mongolia records heaviest rainfall since 1956

China's July sugar imports jumped to 740,000 tonnes as record rainfall in Inner Mongolia threatens 30% beet crop losses.

Brazil cuts sugar production forecasts as yields decline

Brazil's Center-South region trims sugar output estimates to 40.9-41 million tonnes due to lower agricultural yields and declining TRS...

USDA corn estimates surprise markets with massive production increase

USDA surprises corn markets with 16.7 billion bushel production forecast, pushing futures to new lows. Check out the latest corn prices.

Sugar contract negotiations see delayed activity in European market this year

European sugar contract negotiations lag behind historical patterns as elevated 2024 production levels create higher stock availability...

Sugar prices drop to 16 cents as Brazil's Center-South production picks up pace

Sugar prices decline to near 16 cents/lb driven by Brazil's Center-South production increase and potential Indian export expansion.

Trump’s tariff deadline has passed: How it’s affecting agricultural commodity trade, country by country

Trump’s August 1 tariff deadline has passed. Explore how agricultural exports are affected, with a country-by-country breakdown.

Tracking Trump’s US agri-commodity trade tariffs

US President Donald Trump is set to implement taxes as high as 50% on agricultural imports unless deals can be negotiated before August 1.

What a 50% US tariff could mean for Brazilian orange juice, coffee, and beef trade

US President Donald Trump’s threat to impose a 50% tax on all Brazilian exports could significantly affect global supply and pricing.

European sugar market adjusts as drought breaks and trade dynamics shift

European sugar beet crops get relief as heatwave ends and rainfall arrives. Expert analysis on weather recovery, trading dynamics, and policy impacts.

Sugar prices rally on strong export demand despite soft fundamentals

Sugar futures recover as Brazilian exports surge to China, India, and UAE.

European sugar market faces perfect storm of heat, drought, and trade pressures

Heatwaves stress European sugar beet crops as water levels hit record lows. Expert analysis on weather risks, trade policy impacts, and market outlook.

Biodiesel prices rebound after sharp decline on Middle East ceasefire

Biodiesel markets recover from ceasefire-driven selloff as European regulations reshape HVO and UCO demand.

Sugar prices under pressure as energy markets shift: What traders need to know

Sugar futures decline as oil prices drop and energy-ethanol dynamics shift. Get expert analysis on Brazil production and EU crop risks.

European sugar market faces weather challenges as 2025-26 pricing negotiations begin

European sugar beet production faces extreme weather as 2025-26 price negotiations begin. Import dynamics and drought concerns shape outlook.

Sugar prices hit four-year low as global surplus outlook emerges

Sugar futures hit lowest levels since 2021 as global surplus emerges. Brazil production recovers while European markets face mixed signals.

China's massive Sugar purchases signal market shift as Asian production outlook strengthens

China purchases 2.5M tonnes raw sugar exhausting import quota while Thailand's production outlook strengthens.

Sugar prices under pressure as global surplus expectations dominate market sentiment

Global sugar surplus drives prices lower despite European beet acreage cuts and drought stress. Raw sugar hits $17.2/lb.

Sugar market analysis: Short-term volatility amidst long-term pressure

Vesper's latest sugar market analysis reveals short-term price support from Brazil's 53% production drop, while long-term bearish pressure looms from India and

Key Drivers Behind the Rise in European White Sugar Prices and What to Expect in 2025

Explore the latest European white sugar prices, the key factors behind their rise, and what to expect in 2025.

Global Sugar Market Update: Pressure on global prices persists

Pressure on global sugar prices, production declines in Brazil & Europe, and the outlook for 2025. Stay informed with Vesper.

European Sugar Market Update: Is This the Optimal Buying Window for European Buyers?

European Sugar Market Update: Is Now the Optimal Buying Window? Discover the latest on Europe’s sugar beet yield forecast...

Sucrose Levels Are Falling Below the 5-Year Average in Parts of Europe Due to Unfavorable Weather Patterns

Heavy rainfall and humidity in Germany and France are causing sucrose levels in sugar beets to fall below the 5-year average.

Sugar Prices Remain Elevated as CS Brazil Falls Short: Discover How Future Forecasts Impact the Market

CS Brazil’s sugar production drops by 16.21% YoY in September, due to unfavorable weather and lower cane crush.

Lower Sugar Production Forecasts: Where Will Q1 2025 Supply Come From?

Brazil’s recent drought and fires have reduced sugar production estimates for the 2024/25 season to 39 MMT, down from 40 MMT.

Brazil's Sugar Industry Faces Pressure from Fire Outbreaks and Dry Conditions, Impacting Production and Prices

Brazil's sugar production faces challenges as fires and dry conditions hit the Center-South region, lowering output and driving up prices.

Rising Global Sugar Deficit Forecasted

Discover how recent policy shifts in India and severe fires in Brazil are impacting sugar supply - forecasted deficit of 3.58 MMT for 2024/25.

Sugar Market Faces Uncertainty Amid Brazilian Drought and Fires: Brazilian Price Forecasts Signal Continued Volatility

The Brazilian sugar market faces uncertainty as fires and prolonged drought in key sugarcane regions impact production.

Is the Global Sugar Market on the Brink Amid Mounting Uncertainties?

Explore the latest insights on the global sugar market's volatility amid Brazil's drought and policy uncertainties in India.

How will India’s and Brazil’s Sugar Production Projections Impact Global Prices?

Learn how India’s and Brazil’s sugar production forecasts may impact global prices, and explore Vesper’s price forecast predictions.

Early signs of trouble ahead in the global sugar market

The sugar market sees a price rise due to concerns over CS Brazil's 24/25 sugar output potentially falling short from early drought.

Weather shifts ahead: La Niña’s impact on the global sugar market in 2024

Discover how La Niña's 80% likelihood in the second half of 2024 can impact the global sugar market production.

Accelerated Sugarcane Milling in Brazil and Its Global Impact

Discover how dry weather has accelerated sugarcane milling in Central-South Brazil, boosting sugar production and impacting global markets.

Global Sugar Market: Futures Slide as Supply Pressures Ease

Discover the latest trends in the raw sugar market, which saw a 4.6% decrease, now trading at 18.6 cents per pound—lowest since November '22.

Prices plunge in the sugar market, as supply concern fades

Sugar prices fell sharply last week, returning to January 2023 levels as supply concerns. Get detailed insights on price changes here.

The 24/25 CS Brazilian sugar cane crop season off to a robust start

Discover the latest updates on Brazil's sugar cane crop season. Despite weather challenges, production levels surged in March.

Diverging production outputs from global sugar markets

Dubai & Datagro Conferences reveal a lower cane availability in CS Brazil, while India's pivotal export changes affect global sugar prices.

Waiting for the Sugar Market to be Bullish in 2024

Explore the latest dynamics in the sugar market: price decline triggered by Brazilian sugar production forecast.

EU Sugar Production Forecast for 2024/2025, including Pricing Insights

Stay ahead with our EU Sugar Production Forecast for 2024/2025. Get insights into beet cultivation, market trends, and price indices.

Exploring the Latest Sugar Market Sentiment: Outlook and Trends

Explore the latest Sugar Market Outlook trends: Global sugar prices exhibit stability amid minimal fluctuations.

Global sugar prices: a temporary standstill or a prelude to change?

Global sugar prices: Uncover the key factors that led to a substantial recovery in the sugar market in January.

Adjusted Indian sugar production forecast for the 23/24 season due to better-than-expected January yields

Check out the latest sugar yields and their effect on India's sugar production forecasts - a narrowing gap in sugar production.

Sugar market trends 2024: Growing Reliance on Center-South Brazil

Sugar market trends 2024: Explore the balance between global sugar stocks, historically low sugar prices and supply and demand uncertainties.

European crop faces delays as main producers grapple with flooding and above-average rains

Explore the latest challenges in North West Europe's sugar harvest due to storms and saturated ground.

Third consecutive global sugar deficit in 24/25 forecasted

Datagro forecasts a third sugar deficit in 2024/25 at 1M tons; stock replenishment unlikely as demand outstrips supply.

India extends export restrictions on sugar out of concerns about global sugar availability

Learn about India's extended sugar export restrictions with Vesper. Adapt your trading strategy based on global sugar availability concerns.

Brazil's sugar boom and the impact of oil prices

Discover the Latest Trends: Sugar Prices on the Rise Due to Brazilian Output Surge and Middle East Conflict Impact on Oil, Hinting at a Potential Bull Market Ah

Global sugar prices declined due to drop in Brazilian Real and crude oil prices

Discover why sugar prices have taken a hit, influenced by the weakening Brazilian real and falling crude oil prices. Get insights on Sugar No. 11 and Sugar No.

Global sugar market update: a bittersweet forecast for Q1'24

Get the latest on Q1'24 global sugar forecasts with Vesper. Learn what makes the outlook bittersweet for better investment choices.

EU biodiesel is down w-o-w, Vesper hears large purchases of Chinese biodiesel

Learn about the EU biodiesel dip and Chinese market movements with Vesper. Adapt your trading strategy with our timely insights.

Logistical bottleneck keeps sugar prices elevated, as the global market leans on Brazil

Weather-related challenges in Thailand and India strain global raw sugar supplies, increasing reliance on Brazil. Sugar prices remain high due to logistical con

Monsoon woes and production delays: price increase

Understand how monsoon woes and production delays are driving price increases. Vesper offers timely insights for your commodity investments.

The biodiesel complex up

Discover why the biodiesel complex is on the rise with Vesper. Get the insights you need to make informed trading decisions.

Export bans triggered by droughts in India

India's drought hits Maharashtra's sugarcane, sparking sugar export bans, rising prices. Get updates from Vesper.

Brazilian Real and Crude dips lower sugar prices

The sugar market has been experiencing a series of ups and downs, with prices recently retreating due to the weakening of the Brazilian real and a drop in crude

Projected Global Shortfall Spurs Surprising Price Decline

Navigate the surprising dynamics of the global sugar industry in the face of projected deficits. Discover how key regions like Brazil, India, EU, Ukraine, and T

India's sugar market outlook: Monsoon's crucial role in alleviating production shortages

The sugar market surged with prices up by 38.58% due to tight supplies and disappointing cane yields in India, leading to reduced exports. Monsoon performance a

Brazil's Impressive Sugar Production Drives Prices Down

Discover why sugar prices have plummeted as Brazil's Center-South region witnesses a surge in production. Learn about the factors contributing to this trend and

Highlights on the global sugar market: Prices slump on the outlook of a massive Brazil crop

After 5 weeks of hiking sugar prices, it seems that the market was expecting further confirmation on the first production numbers from Center-South Brazil,...

Highlights on the global sugar market: Crop slowdown, export delays, and weather disruptions

Stay updated with Vesper's highlights on global sugar market factors. Learn about crop slowdowns, export delays, and weather impacts.

Global Sugar Market Update: Prices Drop Due to Anticipated Large Brazil Harvest

Understand the drop in global sugar prices with Vesper. Learn how Brazil's large anticipated harvest impacts your trading strategy.

Understand future Brazilian sugar production levels with Vesper’s new Sugar/Ethanol parity widget

Get ahead with Vesper's new Sugar/Ethanol parity widget. Forecast future Brazilian sugar production levels for smarter trading.

Highlights on the oils & fats market: Falling food prices go hand in hand with bearishness

Explore recent geopolitical tensions: Taiwan-China military exercises, easing China-Australia trade conflict, and global food price trends.

Highlights on the global sugar market: Is the long-term bearish sentiment gone?

Explore with Vesper whether long-term bearish sentiment in the global sugar market has shifted. Make better-informed investment choices.

Increased EU-28 sugar imports from Ukraine due to competitive prices

Discover how competitive prices are boosting EU-28 sugar imports from Ukraine. Vesper provides insights for your trading adjustments.

Highlights on the Global Sugar market: Supply remains tight

Sugar prices rise due to supply concerns in Brazil, India, Thailand, Egypt, and Algeria export bans, plus UAE operational issues.

Highlights on the Global Sugar market: Is El Niño on the way?

Sugar market stability faces weather uncertainties with El Niño prospects in Brazil and India, impacting production outlook.

Highlights on the Global Sugar market: Brazil is in the picture, again

Dubai Sugar Conference shows mild bullish sentiment amid global market uncertainties and Brazil's tax changes.

Highlights on the Global Sugar Market: Stable present, bearish future

Sugar prices steady after India's lowered production forecast; Thailand's strong output supports export growth.

Can Europe's maximum refining capacity handle the projected importation of sugar cane?

EU faces 5% drop in sugar production, boosting sugar imports by 24% YoY. Can refineries cope with 2.0 MMT of cane sugar imports?

Highlights on the global sugar market: an expected surplus despite uncertainties

Global sugar market outlook positive with higher production forecasts, despite India and Thailand concerns.

Sugar prices slightly reacting to signals of supply in the next months

Global sugar markets face tight stocks into Q4-22, turning deficit for raw until Q1-23, easing with Brazil's new crop in Q2.

Historical high sugar prices push buyers to source outside Europe

White sugar prices soar to historic highs in the EU, driven by shortages and energy costs, averaging 1,199 EUR/MT.

Report shows renewable diesel demand could impact US soybean exports

Increased demand for renewable diesel in the USA could bring the country’s soybean exports to a halt by 2030, according to CoBank research reported by The...

US ethanol production advances 4.84% in the week to 932,000 barrels per day

Average ethanol production in the United States advanced 4.84% in the week ended October 7 to 932,000 barrels per day, up from 889,000 barrels the previous...

Where will fuel prices go in 2023 with Lula or Bolsonaro?

Whether under Luiz Inácio Lula da Silva (PT) or Jair Bolsonaro (PL), the next president of the Republic will have to deal, in 2023, with a reality of high...

EU rejects attempt to further limit crop-based biofuels

EU Parliament maintains 7% cap on crop-based biofuels, rejecting further restrictions to support sustainable decarbonisation in transport.

Sugarcane crushing in Brazil rises by 2.5 per cent in first half of September

Sugarcane crushing in Brazil's centre-south sees growth, with ethanol and sugar production rising significantly in early September.

Tereos Brasil to earn US$ 100 million with increased sales to Europe

With two mills recently certified to export ethanol to the European market, Tereos Brasil intends to send 25% of its biofuel production in the 2022/23...

Brazil is likely to export record ethanol to Europe this year

Ethanol exports from Brazil are likely to increase to a record high level this year as the exports appear attractive to the domestic market, as per the...

With focus on financials, sugar advances strongly in the NY and London exchanges on Thursday

Sugar futures surge on NY and London exchanges amid geopolitical tensions and fluctuating currencies, with demand trends in focus.