Pakistan’s state trading agency, the Trading Corporation of Pakistan (TCP), is reported to have purchased approximately 55,000 metric tonnes of white sugar through an international tender that closed this week, which initially sought up to 100,000 tonnes, according to European traders on Wednesday, as per news report by Reuters.
Around 30,000 tonnes of medium-grade sugar were reportedly bought from Al Khaleej Sugar at $586.00 a tonne cost and freight included (c&f), while 25,000 tonnes of fine-grade sugar was bought from Dreyfus at approximately $580 per tonne c&f.
Traders noted that another bidder has been asked to revise their offer, and an additional contract could still be awarded within the week.
The Pakistani government has authorized the import of sugar to help stabilize prices following a sharp increase in retail sugar costs.
