HAMBURG: The lowest price offered in the tender from Pakistan to purchase 200,000 tonnes of wheat which closed on Monday was believed to be $407.49 a tonne c&f, European traders said in initial assessments.

The state agency Trading Corporation of Pakistan (TCP) is still considering the offers and no purchase has been reported, traders said.

The lowest offer was said to have been submitted by trading house Falconbridge.

ECC allows TCP to import 0.3m tonnes of wheat

A large wheat import requirement following drought and the impact of higher fertiliser prices has compelled Pakistan to buy in a world market with tight supplies after Black Sea exports were disrupted by Russia’s invasion of Ukraine.