VHP vs ICUMSA 45: Which Brazilian Sugar Should Importers Buy?
Brazil is the world's largest sugar exporter: about 7.4 million tonnes left the country between January and September 2026 (MAPA / Secex). Most of it is raw VHP sugar, not the ICUMSA 45 that fills most inboxes. Choosing the right grade decides who you buy from, how you ship and how you pay.
The short answer
Buy VHP if you own or supply a refinery, and you can receive a bulk vessel.
Buy ICUMSA 45 if you sell sugar directly to food industries, distributors or retail, and you have no refinery.
Side by side
| VHP (raw) | ICUMSA 45 (refined white) | |
|---|---|---|
| What it is | Very High Polarization raw cane sugar, to be refined at destination | Refined white sugar, ready for food use |
| Typical colour | ICUMSA 600–1,200 | Max. 45 ICUMSA |
| Typical polarisation | ≥ 99.2° | ≥ 99.8° |
| Price benchmark | ICE Sugar No. 11 (New York), FOB | ICE White Sugar No. 5 (London) |
| Typical lot | Bulk vessels, tens of thousands of tonnes | Containers or break-bulk, 50 kg bags or big bags |
| Typical buyer | Refineries (Middle East, North Africa, Asia) | Food industry, distributors, governments' tenders |
| Brazil's share | Most of Brazil's exports | Smaller share; fewer real sellers |
Specifications above are typical market references. The contract must fix the exact figures for your cargo.
How the price works
Raw and white sugar are priced on two different futures markets. The difference between them — the white premium — pays for refining. When the white premium is wide, refining at destination pays and VHP demand grows; when it is narrow, buying ICUMSA 45 directly makes more sense.
A real offer for either grade can be reconciled with the screen price, plus or minus a premium for quality, freight and the loading window. If an offer cannot be explained this way, read our checklist for spotting fake ICUMSA 45 offers.
Not sure which grade fits your operation?
Tell us destination, volume and use. We tell you which grade makes sense and introduce verified Brazilian sellers.
Tell us what you need →Logistics: the decision behind the grade
VHP is shipped in bulk from Santos and Paranaguá. You need a port that can receive bulk vessels and storage close to the refinery.
ICUMSA 45 travels bagged, in containers or break-bulk. Smaller lots are possible, but cost per tonne is higher.
Inspection: for both, an independent inspection company at the loading port, appointed by agreement.
Payment
For both grades, the standard is a documentary letter of credit from a first-tier bank, paid against shipping documents. Be very careful with any request to issue a bank instrument or pay a fee before the seller has been verified.
How BrazilTrad works with sugar buyers
BrazilTrad is a São Paulo–based commodity intelligence company. We work on the buyer's side.
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We start from your operation, not from a price list:
grade, destination port, volume and delivery window.
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We check identity before price.
More than 1,200 companies with confirmed identity on our platform; every new counterparty checked against the company registry, legal representatives and sanctions lists.
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No credit risk.
We only work on transactions secured bank to bank: no shipment without documents from a first-tier bank (letter of credit or equivalent).
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Direct connection is free.
A transaction fee applies only if you close a deal with a seller we introduced.
Frequently asked questions
Is VHP cheaper than ICUMSA 45?
Per tonne, yes, because it still has to be refined. Whether it is cheaper for you depends on your refining cost and the current white premium.
Can I buy small lots of VHP?
Rarely. VHP is a bulk trade. For container lots, refined sugar is usually the practical choice.
Does Brazil export ICUMSA 45?
Yes, but most Brazilian sugar exports are raw VHP. Real ICUMSA 45 sellers are fewer and identifiable.
Have a sugar offer — VHP or ICUMSA 45 — on your desk?
Send it to us. We confirm the seller's identity, registration, legal representatives and sanctions exposure — Basic check in 24 hours.
Verify a counterparty →BrazilTrad takes no credit risk. We only work on transactions secured bank to bank: no shipment without documents from a first-tier bank (letter of credit or equivalent).
Sources
- MAPA — Brazilian sugar exports (Secex), data to September 2026
- Financely — ICUMSA 45 sugar scams and the real sugar market