The Trading Corporation of Pakistan (TCP) has made an initial purchase of 30,000 tonnes of white sugar through an international tender seeking around 200,000 tonnes, according to European traders on Tuesday, reported Reuters.
The 30,000 tonnes are believed to have been purchase from Al Khaleej Sugar, consisting of medium-grade sugar, at an estimated price of $582.50 per tonne, including cost and freight (c&f), traders said, as per the news report.
The tender sought offers for fine, small and medium grade sugar, all for arrival in Pakistan by October 31.
To stabilize sugar prices, the government is doing tighter monitoring of sugar stocks and has placed several unidentified mill owners on the Exit Control List.
Pakistan’s government has approved plans to import 500,000 tons of sugar to help to maintain price stability after retail sugar prices rose sharply.
Meanwhile, the Competition Commission of Pakistan (CCP) is currently hearing a cartelisation case involving 79 sugar mills and the Pakistan Sugar Mills Association (PSMA).
