The lowest offer in Pakistan’s international tender to purchase 200,000 metric tonnes of sugar believed to be $560 a metric ton cost and freight included (c&f), according to initial evaluations by European traders on Thursday, reported Reuters.
The Trading Corporation of Pakistan (TCP), the state-run procurement agency, is still reviewing the bids submitted in the tender, and no final purchase has been confirmed yet, traders said, as per the news report.
The TCP can negotiate for several days in tenders before deciding whether to purchase.
Trading firm Bare was said to have submitted the lowest bid, offering small grade sugar at $560 per ton. The company also proposed medium grade sugar at $580 per ton, with a combined volume offer of 187,000 tonnes. Three other bidders each offered 25,000 tonnes of small grade sugar: Sucden at $579 per ton, Dreyfus at $581.50, and Cofco at $592 per ton c&f.
ED&F Man offered two separate bids for small grade sugar: 32,000 tonnes at $579 per ton and 27,400 tonnes at $569 per ton c&f, as per the report by Reuters.
Al Khaleej Sugar reportedly offered 60,000 tonnes of small grade sugar at $572.30 per ton and 30,000 tonnes of medium grade at $582.30 per ton c&f.
The TCP tender is requesting price offers for fine, small, and medium grade sugar, all scheduled for delivery in Pakistan by October 31.
The Pakistani government has approved the import of 500,000 tonnes of sugar in a move to stabilize domestic prices following a sharp increase in retail sugar rates.
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