No trading firms were believed to have submitted price bids in the international tender to purchase 50,000 metric tonnes of sugar from Pakistan, which closed on Tuesday, according to initial assessments from European traders, reported Reuters.
According to traders, the shipment and arrival periods were regarded as having too short notice for realistic offers.
The tender, issued by the state-run Trading Corporation of Pakistan (TCP), called for loading between August 1 and 15, with the full quantity expected to arrive in Pakistan by August 30.
On July 8, Pakistan’s government approved the import of sugar to help stabilize prices. Market experts noted that retail sugar prices in the country have surged significantly since January.
In line with federal government directives, the Trading Corporation of Pakistan (TCP) has recently reduced its international sugar import tender from 300,000 metric tonnes to just 50,000 metric tonnes.
