HAMBURG: The lowest price offered in a tender from Pakistan to purchase 400,000 tonnes of wheat was believed to be $355.99 a tonne c&f, European traders said in initial assessments after the tender closed on Monday.

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

Traders said the following offers were submitted in the tender in dollars per tonne c&f by the four trading houses that were reported as participating:

• Seller Volume offered Price

• Falconbridge 110,000 tonnes $355.99

• Solaris 110,000 tonnes $362.50

• Avere 100,000 tonnes $370.70

• Olam 120,000 tonnes $379.58

Pakistan has bought wheat regularly in the global market in recent months in an effort to boost domestic supply and cool prices.

Shipment in the tender is sought between Sept. 15 and Oct. 31.

Offers are sought for consignments of a minimum 100,000 tonnes. The TCP reserves the right to buy more or less than the tender volume.

The wheat can be sourced from optional origins. A decision on the purchase is expected later this week, traders said.