TCP buys 100,000 MT of sugar, tenders again for 100,000 tons

HAMBURG: State agency the Trading Corporation of Pakistan (TCP) has issued a new international tender to purchase 100,000 metric tons of white refined sugar and is believed to have bought 100,000 tons in a tender last week, European traders said on Monday.

The deadline for submission of price offers in the new tender is September 23.

Traders said the new announcement followed a purchase last week of about 100,000 tons of medium grade sugar in a previous tender made at an estimated $560 a ton cost and freight included (c&f). Trading house Bare was believed to be the seller.

Reports reflect assessments from traders and further estimates of prices and volumes are still possible later.

Pakistan’s government has approved plans to import 500,000 tons of sugar to help maintain price stability after retail sugar prices in the country rose sharply.

The TCP has held a series of sugar tenders in July, August and September. Traders estimate that around 235,000 tons have been bought in the recent tenders including last week’s purchase.

The TCP’s latest tender seeks price offers for fine, small and medium-grade sugar, with shipment arranged to achieve arrival of all the sugar by November 7.

The sugar for the new tender can be sourced from any worldwide origin excluding India and Israel or other sanctioned countries.