February 11, 2019 / 6:19 AM / 8 months ago

France's Cristal Union says 'golden age' for EU sugar producers over

DUBAI (Reuters) - Cristal Union, France’s second-largest sugar group, said on Monday the “golden age” for European Union sugar producers was over and that it expected significant changes in the EU sugar sector.

“Prices will recover at some point, but we don’t expect them to make it to the level we enjoyed under the quota system,” Cristal Union Chief Executive Alain Commissaire said in his opening remarks at the Dubai Sugar Conference.

The sugar industry has been in turmoil since the European Union scrapped production and export quotas in 2017, prompting many producers to boost output just as sugar prices collapsed under pressure from large world stocks.

Reporting By Maha El Dahan and Dahlia Nehme; Editing by Tom Hogue

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