HAMBURG: The lowest price offered in Pakistan’s international tender to buy 50,000 tonnes of sugar which closed on Tuesday is believed to be $540.10 tonne c&f, European traders said in initial assessments.

It was believed to have been submitted by Al Khaleej Sugar (AKS) for the full 50,000 tonnes.

Offers in the tender from Pakistan's state trading agency Trading Corporation of Pakistan (TCP) are still being considered and no purchase has yet been reported, they said.

Only one other trading house was believed to have participated in the tender, with Sucden said to have offered $580 a tonne c&f for 25,000 tonnes.

The white sugar is sought packed in bags. Shipment must be arranged for arrival in Pakistan by May 15, 2021.

Pakistan issued a series of sugar import tenders in 2020 to improve domestic supplies and cool prices. The country is also tendering to buy 300,000 tonnes of wheat on Tuesday also to relieve tight supplies in local markets.