The price of quality rice is increasing in the domestic market. A superior variety of rice, such as Pawsan has increased from Ks34,000 to Ks38,000 per bag. Generally rice prices are up by Ks2,000 per bag.
Only the price of quality rice is going up, said U Kyaw Thu Thaung Sein, chair of Shwebo Pawsan Rice Producers Association.
It has been a week since the price of high quality rice has risen. However, there is no remarkable increase in demand.
The high price is due to lower production at the mills, as some rice mills are mainly producing summer paddy, said U Min Aung, a rice miller from Shwebo Township.
“Paddy fetches Ks1.5 million per 100 baskets, and millers are waiting for the right time to purchase it. Growers also cannot reduce the price. But prices will not keep increasing, as there is no huge demand,” he said.
The wholesale price of quality rice is up by Ks1,000 to Ks5,000 per bag, depending on the rice variety. The rice price is also sharply rising in the retail market.
“The rice price has increased from Ks1,800 to Ks2,300 per bag. Another rice variety has risen from Ks2,000 to 2,800 per bag,” said a buyer from the retail market.
It is a temporary rise in the rice market. The market will not face any unprecedented hike over the rice prices, said U Than Oo, secretary of Bayintnaung commodity depot.
By May Thet Hnin