The sugar mills are scheduled to run at the end of November, so the new sugar will start flowing into the market in December, the sugar millers said.
The sugar mills hiked up the price of sugarcane up to K150,000 per tonne for the 2023- 2024 sugarcane season from the earlier set rate of K110,000 per tonne.
The sugar prices stood at K3,800-3,850 per viss in Yangon’s market on 24 November. There is a price difference of approximately K150 per viss between Yangon’s market price and that of Mandalay (K3,650- 3,700 per viss), said U Naing Lin, a trader who sends sugar to regions outside Yangon, told the Global New Light of Myanmar (GNLM).
A renowned brand of sugar is supplied by Shan State. Mandalay market is the major hub for the sugar trade.
The sugar prices were registered at K2,425-2,570 per viss on 25 November 2022. The prevailing prices indicated an increase of K1,300 per viss compared to that of the corresponding period last year.
There is a low chance of the price to dip to K3,500 per viss in Yangon’s market, traders forecast. Those traders who kept the sugar stocks in their hands reaped a handsome profit this year. Thus, the new sugar is also expected to be in high demand, market observers pointed out. — TWA/KK