Pakistan’s state-run Trading Corporation of Pakistan (TCP) has issued an international tender to purchase 100,000 metric tonnes of white refined sugar, according to European traders on Friday, reported Reuters.
According to the report, the deadline for submitting price offers is July 31.
Recently, the TCP had reduced a previous import tender from 300,000 metric tonnes to just 50,000 metric tonnes. However, no trading firms were believed to have submitted price bids for the international tender to purchase 50,000 metric tonnes of sugar. Traders said the shipment and arrival periods were considered too short to allow for realistic offers.
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.