Initial assessments by European traders indicated that the lowest price offered to Pakistan in its international tender to purchase 100,000 metric tons sugar was $545 per metric ton, including freight and cost.

They said that the offers in the tender of the state trading agency Trading Corporation of Pakistan are still being reviewed and no purchases have yet been reported.

TCPs can spend several days negotiating in tenders, before they decide whether or not to buy.

TCP is seeking price quotes for small, medium and fine-grade sugar. All sugar must be delivered by October 31, according to the TCP tender.

Sucden, a trading company, is said to be the one who made the lowest offer for 25,000 tonnes of fine/small grade sugar. Sucden offered $565 per 25,000 tons for small grade sugar.

Four other trading companies also participated in this tender and all offered per ton C&F.

Al Khaleej Sugar sold 30,000 tons medium grade for $578.50, while Cofco sold 25,000 tons small grade for $569.

The price of 100 tons each is $550 for small/fine, $560 for small, and $570 for medium.

The reports reflect the opinions of traders, and it is still possible to estimate prices and volume later.

The TCP tender is looking for sugar from anywhere in the world, except India and Israel.

Pakistani government has

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After a sharp rise in retail sugar prices, the government plans to import 500 tons of sugar.

TCP held a series sugar tenders between July and August. The traders estimate that 135,000 tonnes have been

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Recent tenders. Michael Hogan (Reporting, Louise Heavens, Editing)

(source: Reuters)