HAMBURG: The lowest price offered in an international tender from Pakistan to buy 200,000 metric tons of sugar on Thursday was believed to be $560 a metric ton cost and freight included (c&f), European traders said in initial assessments.
Offers in the tender from the state trading agency Trading Corporation of Pakistan are still being considered and no purchase has yet been reported, they said.
The TCP can negotiate for several days in tenders before deciding whether to purchase.
The lowest offer was said to have been submitted by trading house Bare for small grade sugar. Bare also offered $580 for medium grade sugar, with a total 187,000 tons offered.
Three tender participants all offered 25,000 tons of small grade sugar: Sucden at $579, Dreyfus at $581.50 and Cofco at $592 all per ton c&f.
ED&F Man offered 32,000 tons of small grade at $579 a ton c&f and also 27,400 tons of small grade at $569 a ton c&f.
Al Khaleej Sugar was believed to have offered 60,000 tons of small grade at $572.30 and 30,000 tons of medium grade at $582.30 a ton c&f.
The TCP’s tender seeks price offers for fine, small and medium grade sugar, all for arrival in Pakistan by October 31.
Pakistan’s government has approved plans to import 500,000 tons of sugar to help to maintain price stability after retail sugar prices in the country rose sharply.
The TCP bought a total of 105,000 tons in its previous sugar tender reported on August 14.
Reports reflect assessments from traders and further estimates of prices and volumes are still possible later.
