H Alpha · Trade Intelligence
COMMODITY SUBSCRIPTION · SCOPE & METHOD · NOT AN OFFER
SugarSubscription Report
HS 1701 · both
NINE PAGES · REGISTRATION OPEN · NO FEE IS BEING COLLECTED YET
PRICE BASIS · CUSTOMS RECORD · COUNTERPARTY REGISTER — READ FROM FREE, CITED SOURCES
01The record on this commodity
02What it is, and what H Alpha does with it
03The nine pages, what each does, and a line from each
04Method, provenance and terms
COMMODITY SUBSCRIPTION REPORT · PREPARED BY H ALPHA TRADE INTELLIGENCE
2026-09-16
H ALPHA · TRADE INTELLIGENCE
Sugar Subscription Report
This document states what an H Alpha subscription to Sugar observes, what its price is measured against, and what the platform holds on the commodity at the moment the document was generated. Figures are read from the platform's own stores at render time. Quotations are reproduced verbatim from the commodity registry.
What this document is, and is not. It is a statement of scope and method. It is not an offer, not a price assessment, and not a recommendation to trade. No counterparty is named and no figure below is presented as a quotable price unless its own basis says it is one. Where the platform holds nothing, this document says so.
THE RECORD
I.The record on this commodity
What the platform holds on Sugar, counted at the moment this document was generated. Every figure below is read from the store the page that uses it reads; none is estimated, and a count the platform cannot honestly make is stated as absent rather than shown as zero.
| WHAT IS HELD | COUNT | BASIS |
|---|
| Buyers | 786 | named companies |
| Sellers | 819 | named companies |
| Countries | 76 | in the record |
| Ports | 114 | worked by the book |
| Customs lanes | 27 | cut from declarations |
| Declarations | 875 | under those lanes |
| Prices | 5 | legs on the desk |
| Pursuit lanes | 26 | lanes on the board |
| Freight routes | 18 | bulk · drawn |
| Inland legs | — | no inland leg is on file for this commodity yet |
| Specifications | 3 | in the grade table |
| Named sources | 2 | all free to consult |
THE COMMODITY
II.What Sugar is, and what H Alpha does with it
Sugar trades as raws and as whites, and the two price against different terminal contracts — New York No. 11 for raw, London No. 5 for white — with the white premium between them being the refining margin the trade watches. Brazil, Thailand, India, Australia and Guatemala carry export supply; Indonesia, China, the United States, Algeria, Bangladesh and West Africa carry demand. Grade is ICUMSA colour: 45 for white refined, 150 for sparkling white, 600 and 1200 for raw. Brazilian mills switch between sugar and ethanol on relative price, which is the supply side's principal swing.
What the subscription does with it
The subscription reads the declared record on the raw and refined headings separately, keeps mills, refiners, traders and importers in one book with the port each works, and audits a proposed trade against the registry's own specification set — polarisation, ICUMSA colour, moisture — with each grade's valid origins, cargo sizes and vessel class. Raw moves bulk and refined moves bagged in boxes; the freight leg is computed on the mode the grade actually uses.
THE NINE PAGES
III.The nine pages, what each does, and a line from each
Every subscription is one commodity and the same nine pages, in the order they are worked. Under each is a single line taken from that page as it stands today — one line, not the page. A page marked opening is not yet reachable for this commodity; where its line is drawn from a commodity that is already open, the line carries that commodity’s name.
OPEN01Market Today
What is true about this market on this data day: the mark, how old it is, and what that age lets you say. Print age, never fetch age — a monthly benchmark is not quoted as today's price.
380.00 USD/MT · International Sugar Agreement (ISA) daily price, raw, f.o.b. and stowed at greater Caribbean ports · World Bank Pink Sheet · print 2026-08
OPEN02Intel
Why the price sits where it does. The origin ladder, the spreads between grades and legs, and the drivers underneath them — every rung carrying its own source and its own print date.
Sugar, EU (World Bank Pink Sheet) · 380.00 · World Bank Pink Sheet 'Sugar, EU' — no Description line in the sheet; no basis claimed here · World Bank Pink Sheet · print 2026-08
OPEN03Customs
The declared record on this commodity's HS codes: lanes cut from real declarations, the parties at both ends, and the unit values that were actually realised rather than quoted.
CO → PE · 238 declarations · unit value median 469.42 · last seen 2026-08-30
OPEN04Register
One book, two roles. Every buyer and every seller on this commodity — where they sit, which ports they work, and a stamp on each row saying where it came from.
COFCO Sugar Co., Ltd. · buyer · CN · zhanjiang · very_large
OPEN05Trade Audit
Put a trade shape in — volume, origin, destination, incoterm, price — and the desk audits it against the record. Where there is no basis to judge it, it refuses rather than scores.
Polarization % baseline 96.0 · 3 specs checked: polarization pct, icumsa color, moisture pct
OPEN06Pursuit
Who to call, and the reason for the call. A lane is gated on four legs — alive, named, priced, routed — and only a lane that passes all four reaches the board.
CO → PE · 14 named parties · still needs a shipping route
OPEN07Deal Maker
The cost stack end to end: FOB, freight, insurance, discharge, inland, duty. What the cargo lands at and what is left for you, with the source shown under every input.
insurance % of CIF 0.055 · discharge USD/MT 0.55 · destination inland USD/MT 1.2 · typical cargo MT 50000
OPEN08Freight
The ocean leg: lane rates by vessel class or by box, transit times, port congestion, and the chokepoints between origin and destination.
paradip → new-orleans · bulk · High volume · 268 sellers · 133 buyers
OPEN09Logistics
Everything that is not the ocean leg: inland mode, gateways, rail and truck corridors, border crossings, and where a cargo actually stops moving.
no line can be drawn for this page on any commodity yet
METHOD
IV.Method, provenance and terms
Every figure carries its source and its date. No number appears here or on the platform without the store it was read from and the date that store stamped it. A figure that cannot carry both is not published.
Print age, never fetch age. A price is aged from the date the source printed it. Re-fetching a monthly series nightly does not make it daily, and it is not presented as though it did.
The mark is named, never chosen. The headline price is the series the commodity registry names for this commodity. Where the store holds several for one commodity, none is picked by position or recency.
Absence is stated. Where the platform holds nothing, it says what is missing and why. A dash or an omitted section would read as completeness that has not been earned.
Deterministic. Figures are read and arithmetic is applied. No figure here or on the platform is the output of a language model.
Terms
Registration is open and no fee is being collected. A registration records who asked and which commodity; H Alpha comes back to the address given. No account is created and nothing is owed on registration.
The record is assembled from two sources: UN Comtrade, World Bank Pink Sheet. Each is free to consult and each is named on every figure it produces, so a subscriber can go to the source and check the number rather than take it.