As the sugar mills will start running operations in December, the traders who kept the stocks in their hands are now selling them cheaply in Yangon’s wholesale market.
Ko Min Oo, a trader who sends the sugar to regions outside Yangon told the Global New Light of Myanmar that “I observed both purchase order and the market price to buy the sugar in the previous months. Now, I bought them as much as they are demanded.”
These days, the market sees price inquiry only. The sales dramatically fell in the second week of October in Bayintnaung Commodity Wholesale Centre. As some warehouses have old sugar stocks exceeding 5,000 bags, some of them offer lower prices, as per a warehouse from Yetama Street.
“Some warehouses no longer cut the price. The prices stayed the same”, according to a warehouse from Nguwah Street.
The wholesale sugar prices are around K3,800 per viss at present in Yangon. Usually, the demand for the old stocks declines when fresh sugar is supplied in the market. The new sugar has low moisture content and better quality than the old one. So, the consumers prefer the new one.
Those traders involved in sugar and related industries reap a handsome profit this year. Nonetheless, the consumers face price rises. The sugar price at a grocery store increased to K1,200 per 400-g pack from K800 within one year, Daw Nwe Aye, a housewife from North Okkalapa Township told the GNLM. — TWA/EM
