The price of sugar rose again to K4,200 per viss in the domestic market, although global sugar prices declined.
The price stood at only K3,930 per viss in early February. Then, it jumped to K4,170 per viss on 6 March, indicating an increase of K240 per viss.
Even though the operations of sugar mills are in full swing, the production cost has risen, and the millers have hiked up the price of sugar. Consequently, the price rocketed in the domestic market, traders said.
The global sugar price is US$580 per tonne at present.
The sugar mills notified sugarcane growers again that they raised the price of sugarcane to K150,000 per tonne for the 2023-2024 sugarcane season.
The company set the sugarcane floor price at K90,000-K100,000 per tonne last season. Sugarcane and sugar traders emphasized that the rise in the offering price is aimed at covering the high input cost of the growers amid the price rise in sugar.
Additionally, sugar mills are pushing the growers to ramp up per-acre yield and expand the cultivation acres.
Myanmar’s annual sugar production is estimated at 450,000 tonnes. Myanmar had earlier sent sugar to China and Viet Nam beyond self-sufficiency. At present, it is delivered to Viet Nam only, Myanmar Sugar and Cane Related Association stated.
Sugarcane is commonly grown in the upper Sagaing Region, followed by northern Shan State. It is also cultivated in the western and eastern Bago Region, Yangon Region and Mandalay Region.
The sugarcane is grown in December-January. It can be harvested from November to February of the following years. The sugarcane growing rotation cycle lasts four years in Myanmar. — NN/EM
