HAMBURG: The lowest price offered in the international tender to buy 50,000 tonnes of sugar from Pakistan’s state trading agency Trading Corporation of Pakistan (TCP) which closed on Wednesday was believed to be $692.00 a tonne c&f, European traders said in initial assessments.

Offers are still being considered and no purchase has yet been reported, they said. The TCP traditionally negotiates for several days in tenders before deciding whether to purchase. The lowest offer was believed to have been submitted by trading house Louis Dreyfus, they said.

Two other sellers participated in the tender, Al Khaleej Sugar (AKS) offered $699.80 a tonne c&f and Wilmar offered $701.80 a tonne c&f, traders added. All three offers were for the full 50,000 tonnes of sugar sourced from a range of origin countries. The Pakistani government had in 2020 approved sugar imports to meet a shortage as production fell below consumption levels. The TCP has issued a series of tenders in recent months. But in its last sugar tender for 200,000 tonnes reported on Sept. 23, the TCP made no purchase receiving only one offer at $670.00 a tonne c&f.