Sugar price hits record high in post-Chinese Lunar New Year

The wholesale price of sugar hit K4,000 per viss in the post-Chinese Lunar New Year from K3,970 per viss.
Although the sugar mills have started running for three months since late 2023, the sugar price is steadily rising. When the sugar mills commenced operations in early December 2023, the price stood at K3,780 per viss.
Beyond domestic self-sufficiency, the remaining 50,000 tonnes are sent to foreign markets. The sugar mills will stop operation during the Thingyan Festival in April. At present, the traders are holding sugar stocks in their hands. Therefore, there is a high chance for them to hike up the price.
The price will likely rise over K4,000 per viss soon, Ko Kyaw Min, a trader, forecasts. The price stood at only K900 per viss in 2019, and four years later, it quadrupled.
The sugarcane fetched approximately K40,000 per tonne in 2019, and the sugar mills offered K150,000 per tonne this year, allowing the growers to increase their income. However, the sugar price is still lower than that of jaggery.
Jaggery from Yesakyo, which is whiter in appearance, costs K5,900 per viss. With the sugar and jaggery prices surging, the traditional snack prices have risen. Some makers use artificial sweeteners as sugar substitutes that pose health concerns. —TWA/KK