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HAMBURG: The lowest price offered in Egypt’s international tender to purchase 50,000 metric tons of raw or white sugar, which closed on Saturday, was estimated at $530 a ton CIF free out for raw sugar, European traders said on Monday.

Offers are still being considered by state buyer GASC and no purchase has yet been reported, they said. The lowest offer was believed to have been submitted by trading house Cofco.

The lowest offer for white sugar was believed to be $699 a ton CIF free out and submitted by ED&F Man. Reports reflect assessments from traders and further estimates of prices and volumes are still possible later.

Traders said they believed GASC was seeking to pay about $500 a ton for raw sugar and $600 a ton for white sugar, so negotiations continue with the price goal described as difficult to achieve.

Arrival was sought for between Feb. 20 and March 5 and/or March 6-20. GASC set the tender on behalf of Egypt’s Holding Company For Food Industries, represented by the Egyptian Sugar and Integrated Industries Company (ESIIC), which will receive the sugar.

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