HAMBURG: The lowest price offered in the international tender to buy 100,000 tonnes of sugar from 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 TCP has asked tender participants to extend the validity of their price offers until Friday, July 2, traders said. But a decision about a purchase could still be made earlier than Friday, 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.