TCP Procures Sugar in International Tender

Hamburg: It is understood that Pakistan’s state trading organization, TCP, has secured approximately 55,000 metric tons of white sugar through an international tender. The tender, which concluded this week, aimed to acquire up to 100,000 tons, according to reports from European traders on Wednesday.

Reportedly, about 30,000 tons of medium-grade sugar were purchased from Al Khaleej Sugar at a rate of $586.00 per ton, including cost and freight (c&f). Additionally, 25,000 tons of fine-grade sugar were acquired from Dreyfus at approximately $580 per ton c&f.

Traders mentioned that one more participant in the tender has been requested to revise their bid, leaving room for another potential award this week.

The Pakistani government has given the go-ahead to import 500,000 tons of sugar. This action is intended to help stabilize prices in the market after a sharp increase in retail sugar costs. Offers for the tender were submitted on Monday.