Eyewitnesses say the fire is continuing and is reportedly heading towards the 'MK Fashion' store in the market.
"If the fire continues for another hour, everything will be consumed," a witness told Mizzima.
Yadanapon Teleport is also reportedly beginning to catch the fire.
The fire broke out as vendors at the market began opening their shops this morning. While the cause of the fire is still unclear, initial reports claim that the cause of the fire was an electrical wire shock.
With heavy smoke choking the air, firefighters are reportedly finding it difficult to enter the market to extinguish the fire.
"Shop owners and others stood desperately and watched the fire consume the market," an eyewitness recounted.
On February 24, a fire erupted at Mandalay's 84th Street, 25th – 26th Street Junction. Reports suggest that there were casualties during the fire.
The Yadanpon Market is located at the 32nd and 78th Street junction, and has several stores popular nation-wide, including service centers such as the Myanmar Information and Communication Technology Park (MICT Park), Skywalk sales room and Orange supermarket.
The Market complex, the second largest in Mandalay after Zegyoe Market, was built in 2003. Besides hosting a range of stores, it also has entertainment venues such as snooker rooms and restaurants.
With no more adjacent buildings to which the fire could spread, the inferno gradually burnt itself out at approximately 11 a.m. (local time).
A local resident said that blasts from gas cylinders in the Market's restaurant complex could be distinctly heard throughout the area.
The fire at Yadanapon Market in Mandalay was extinguished after fired brigades from Kyawkse, Pyin Oo Lwin and Sagaing came to aid in the efforts.
Several people reportedly injured by the fire have been taken to the Intensive Care Unit of Mandalay's hospital. However the extent of injuries and the number of casualties cannot yet be confirmed.
