Domestic rice market moves slow

The rice market is sluggish these days in the domestic market, however, traders do not offer lower prices and keep the market price stable, said U Than Oo, secretary of the Bayintnaung Rice Wholesale Centre.
“We cannot scale down the price. The rice millers send the rice with their own brand to the Yangon market. The rice is distributed to other regions and states through the Yangon market. The millers do not sell them at cut-price. As the market is slow-moving, the inflow of rice to market drops. However, they maintain the market price,” he added.
At present, sales have declined in the Bayintnaung market. Normally, the market is crowded with cargo trucks on Mondays. Only is a small number of trucks entering the market seen at present, U Than Oo continued.
The prevailing prices of rice move in the range of K60,000-K65,000 per bag for the Shwebo variety and K50,000-K54,000 per bag for the Myaungmya variety. The low-grade prices are worth K37,000-K40,000 per bag, according to the Bayintnaung Rice Wholesale Depot.
The domestic rice price does not climb. The prices are the same as last year’s rates, U Than Oo pointed out.
However, export rice prices are offered high, he added.
The export rice prices (low grade) stand at K29,000 and K30,000 per 108-pound bag depending on different varieties, according to the Bayintnaung Commodity Centre. Additionally, approximately 600,000 bags of rice and broken rice are daily flowing into the Bayintnaung Rice Wholesale Centre. Half of them are broken rice. — NN/GNLM