HAMBURG: The lowest price offered in the international tender to buy 50,000 tonnes of sugar from state trading agency Trading Corporation of Pakistan (TCP) which closed on Tuesday is believed to be around $447 tonne c&f, European traders said in initial assessments.

It was believed to have been submitted by trading house Gemini for 50,000 tonnes expected to be sourced from Brazil, they said.

Offers are still being considered and no purchase has yet been reported, they said.

Traders said other offers submitted in the tender in dollars per tonne c&f were: Sucden $550.50, Al Khaleej Sugar (AKS) $561.50, Wilmar $566.50, Dreyfus $535 and ED&F Man $579.

The Pakistan government in July 2020 approved sugar imports to meet a shortage and cool prices after production fell below consumption levels. A series of import tenders have been issued by the TCP in recent months to improve local supplies.

The new tender seeks rapid shipment, with 25,000 tonnes shipped within 25 days from the opening of a letter of credit on the contract plus voyage time. The rest should follow 10 days later. The tender seeks white sugar from worldwide origins packed in bags.