The Commercial Corporation of Pakistan (TCP) received offers on Monday in its international tender to buy 100,000 tons of white sugar, European merchants said in initial evaluations.
On July 8, the Government had approved plans to import 500,000 tons of sugar to help maintain price stability. Market analysts said that retail prices in the country have increased considerably since January.
TCP had issued a new international tender last week to buy 100,000 tons of refined white sugar, after an earlier for 50,000 tons of sugar in July, according to reports, it did not receive offers.
It was believed that the lowest price offered in the tender was $ 539.00 per ton, cost and freight (C&F) included, according to merchants. They said that offers were still being considered and that it had not yet been reported.
It was said that the lowest offer was presented by Trading House Ed & F Man for 50,000 tons of fine grade sugar of any origin.
According to reports, there were three other participants in the tender.
It was said that Dreyfus offered $ 580.75 per ton C&F for 25,000 tons of fine grade sugar of any origin, while Al Khaleej Sugar offered $ 586.00 per ton C&F for 30,000 tons of average grade sugar from the United Arab Emirates.
Trading House Bare offered $ 555.00 C&F for medium grade and $ 550.00 C & F for fine grade sugar, both from Brazil.
The reports reflect the evaluations so far of merchants, and even more estimates of prices and volumes are still possible later.
It was not reported in a previous tender per 100,000 tons on July 31, with the lowest price offer of $ 539.00 per ton C&F.
The new tender seeks small/fine sugar from world origins, excluding India and Israel.
Sugar shipments should be organized to achieve the arrival of all sugar in Pakistan before October 20, merchants said.
Breakbulk supplies is sought from September 1 to September 15 for 50,000 tons, while the rest can be sent from September 10 to 25. Sugar containers in oceanic shipping can also be sent between September 1 and 20.
Meanwhile, merchants remain perplexed by the government’s sugar trade policy.
During the 2000 fiscal year, Pakistan exported 765,734 tons of sugar, generating $ 411 million in currencies, with an average price per ton of $ 537. On the contrary, only 33,101 tons were exported in the fiscal year24, earning only $ 21 million.
The Government has promised strict monitoring of sugar stocks and also placed some owners of unidentified mills in the output control list in an attempt to stabilize rates.
The Pakistan Competition Commission (CCP) is also listening to a cartelization case that involves 79 sugar factories and the Sugar Molinos Association of Pakistan (PSMA).
