Sept. 9 (Bloomberg) -- Sugar mills in India, facing a shortage for a second year, may resume imports after global prices plunged 14 percent in the past week, the country’s second-biggest producer said. Prices in “New York have come off quite a bit and it’s a good opportunity,” said Vivek Saraogi, managing director of Balrampur Chini Mills Ltd., in a phone interview from Kolkata. “Indian mills will be buyers again.” Raw sugar fell for five straight sessions through yesterday amid speculation the highest rates in 28 years will curb demand. The South Asian nation will remain the world’s largest importer with a shortfall of 8 million tons in 2009-10 season, Czarnikow Group Ltd. said yesterday. Raw-sugar futures for October delivery declined 3.4 percent yesterday to 20.87 cents a pound on ICE Futures U.S. in New York, the lowest closing price for a most-active contract since Aug. 7. Futures rose 0.2 percent to 20.92 cents a pound in after-hours trading at 1:46 p.m. Mumbai time. Indian mills have contracted as much as 5 million tons of raw sugar and more than 500,000 tons of the white variety this year to meet a domestic shortfall, a government official told reporters in New Delhi yesterday. “There will definitely be a requirement further, but how much I don’t know,” Balrampur’s Saraogi said. The company has contracted about 125,000 tons and will decide on fresh imports if prices decline further, he said. A revival in rains “haven’t changed much” prospects for the sugar cane crop in Uttar Pradesh, India’s biggest grower, he said. Saraogi reiterated an August forecast of 16 million tons for the country. Czarnikow forecast an output of 17 million tons. Sugar mills may begin crushing cane earlier than normal in the season starting Oct. 1 to bolster supplies, Farm Minister Sharad Pawar said yesterday.

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