Cosan CEO sees COVID-19 provoking consolidation in sugar industry

In Brazil, Reuters reports that Cosan’s CEO expects many sugar mills are going to suffer this year as a result of COVID-19’s impact on ethanol demand. He said low prices are likely to lead to consolidation in the market as weaker players are forced to sell but that he wasn’t currently looking at acquisition opportunities. He said that although fuel demand fell 35% during the first few weeks of the COVID-19 quarantine that last week there were indications that demand was starting to pick back up.