In response to sugar procurement tender, some 40 mills are agreed to offload their stocks with Trading Corporation of Pakistan (TCP). TCP floated a gallop tender on July 18, 2013, for purchase of 50,000 tons of sugar from the local mills. The tender was opened on Friday and some 40 parties shown their interest to sale sugar stocks to TCP.
All mills have offered bids for different quantities and rates ranging from Rs 47,690 to Rs 58,600 per metric ton. Sources said that some four mills have submitted lowest price of Rs 47,690 per ton. The evaluation process of received bids is under process, after which, the price evaluation committee/tender award committee will review the quoted prices and finalise the deal. Sources said that received bids are valid for next fifteen working days and its enough for TCP to finalise the sugar procurement with suitable bidder.
The received bids are less than previous tender as in the last tender opened on July 18, lowest bids was Rs 48,150 and maximum price was Rs 60,000 per metric ton. The Economic Co-ordination Committee (ECC) of the cabinet has already allowed TCP to apply price matching formula on sugar procurement tender, therefore it is likely that price evaluation committee will offer other bidders to match the lowest price to complete the tender quantity.
Last month, ECC asked the state run grain trader for the procurement of 100,000 tons of sugar from domestic sugar mills. Following the ECC directives TCP has already procured some 50,000 tons of sugar Rs 48,150 from 34 mills through first sugar tender issued on July 3, 2013.
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