Sugar Tender Sees No Price Offers from Trading Companies

HAMBURG: According to initial evaluations from European traders, it appears that no trading firms submitted price quotations in the international tender for the purchase of 50,000 metric tons of sugar from Pakistan, which concluded on Tuesday.

Traders suggested that the allocated timeframes for shipment and arrival were considered too restrictive to facilitate realistic offers.

The tender, issued by the state trading organization, Trading Corporation of Pakistan (TCP), stipulated loading between August 1 and 15.

Pakistan reduces sugar tender volume to 50,000 tons

The entire volume procured was required to arrive in Pakistan by August 30.

On July 8, the Pakistani government had sanctioned plans to import 500,000 tons of sugar with the aim of stabilizing prices.

Market analysts have noted a substantial increase in retail sugar prices across the country since January.