Sugar price shows uptick in Yangon market in late April

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Sugar production process at a mill.

Yangon’s sugar wholesale market witnessed a slight increase to K4,750 per viss from 27 April, The Global New Light of Myanmar (GNLM) quoted traders engaged in the Bayintnaung Wholesale Market as saying.
The prices fluctuated around K4,600 per viss in April. U Soe Lwin, a trader, said there is a price difference of K100 between the Yangon and Mandalay markets.
Sugar produced by the mills from northern Shan State fetched the highest price in the domestic market. Those from the Bago Region are slightly lower than those from Shan State.
The wholesale price of sugar is likely to hit up to K5,000 per viss, Ko Mn, a trader forecast.
For the 2024 sugar season, sugar production is estimated to be about 500,000 tonnes, and 100,000 of them are shipped to foreign markets. Prior to the sugar milling season, sugarcane was priced at only K130,000 per tonne. Some sugar mills offered up to K150,000 per tonne. At that time, sugar hit only K3,800 per viss in Yangon’s wholesale market.
The sugar prices were up by K1,000 per viss during the October-April period when the sugar mills ran operations.
The sugar price rose fivefold in the past five years. The sugarcane price was only K38,000 per viss in late 2019.
There is a potential for price rise in the upcoming months as sugar mills shut down operations, prompting some traders from delta regions to store the stocks, according to Yangon’s sugar depots.
Traders who keep the sugar stocks in hand reaped a handsome profit in the first four months of this year. — TWA/KK

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