Samyang to raise sugar prices by 9.9 pct

SEOUL, March 18 (Yonhap) -- Samyang Corp., a South Korean sugar manufacturer, said Friday that it will raise sugar prices by 9.9 percent next week to reflect rising manufacturing costs.
Starting Monday, the price of refined sugar will rise to 1,690 won (US$1.5) per kilogram from the current 1,440 won, the company said in a statement.
Samyang, the country's second-largest sugar manufacturer with a 30-percent market share, said the price hike was inevitable as global prices of raw sugar have risen more than 30 percent this year.
According to Samyang, international prices of raw sugar have recently hovered above $750 per ton, compared with $550 per ton seen in December.
In December, Samyang raised sugar prices by 9.8 percent as well citing similar reasons.
TS Corp., another South Korean sugar manufacturer, said earlier in the day that it will raise sugar prices by up to 9.9 percent next week.
Early this month, CJ Jeiljedang Corp., which currently occupies over 50 percent of South Korea's sugar market, also raised sugar prices by 9.8 percent.
Shares of Samyang were trading at 54,900 won on the Seoul bourse as of 1:30 p.m., up 1.1 percent.
sam@yna.co.kr