China releases sugar reserves to stabilize supply

BEIJING - Chinese authorities will release the first batch of sugar reserves this year to stabilize supply and prices, the country's top economic planner announced on Friday.

China will sell 350,000 tons of sugar from state reserve at 6,000 yuan ($900) per tonne, according to the National Development and Reform Commission.

Last year, China's sugar market began to pick up after a sustained downturn, tracking an increase in the global market amid strained supply.

In the domestic market, deceasing output in major producing areas, together with the country's crackdown on smuggling, has put further pressure on supply.