HAMBURG: The lowest price offered in the international tender to buy 100,000 tonnes of sugar to Pakistan's state trading agency Trading Corporation of Pakistan (TCP), which closed on Friday, was believed to be $526.80 tonne c&f, European traders said on Monday.

Offers are still being considered and no purchase has yet been reported, they said.

The lowest offer was believed to have been submitted by Al Khaleej Sugar (AKS).

Only one other offer in the tender was reported, from Wilmar at $534.40 a tonne c&f.

Both offers were for sugar sourced from optional origins.

Rapid shipment is sought in the tender with shipment of the first 25,000 tonnes being undertaken in only 15 days plus voyage time after contract award and the rest following weekly in stages.

The sugar is sought from worldwide origins packed in bags. Pakistan's government in 2020 approved sugar imports to meet a shortage and cool local prices as production fell below consumption levels.

The TCP has issued a series of sugar purchase tenders in past months.

In its last tender for 50,000 tonnes reported on June 4, Pakistan was believed to have made no purchase.