EA Report.
Lahore : 20 Sep. — Only a single trading house showed its interest to participate international tender of buying 200,000 tonnes of sugar from Trading Corporation of Pakistan (TCP) Monday, officials confirmed.
No purchase of the white sugar sought has yet been reported, except Dreyfus trading house for 50,000 tonnes instead of 200,000 tonnes.
Whereas, on the other hand, the offer of $670.00 a tonne c&f, was said to have been made, they said.
Prices were sharply up from the $637.10 tonne c&f Pakistan paid in its last sugar purchase reported on Aug. 31. On Sept. 16, white sugar futures hit their highest level in 4-1/2 years on signs that global demand might be picking up, coupled with concerns about supplies from top producer Brazil.
The TCP has issued a series of sugar purchase tenders in past months to improve local supplies and cool prices. The Pakistani government had in 2020 approved sugar imports to meet a shortage as production fell below consumption levels.
Rapid delivery is sought in the latest tender with shipment of the first 25,000 tonnes being undertaken in only 15 days plus voyage time after opening of a letter of credit on the contract. All the sugar purchased should arrive in Pakistan by Nov. 10. The sugar is sought from worldwide origins packed in bags.
Pakistan’s state agency the Trading Corporation of Pakistan (TCP) has issued a new international tender to purchase 200,000 tonnes of white sugar, European traders said on Monday.
The deadline for submission of price offers is Sept. 20.
TCP has issued a series of sugar purchase tenders in past months to improve local supplies and cool prices. In its last tender in August, the TCP also purchased 200,000 tonnes.
The Pakistani government had in 2020 approved sugar imports to meet a shortage as production fell Rapid delivery is sought in the new tender with shipment of the first 25,000 tonnes being undertaken in only 15 days plus voyage time after opening of a letter of credit on the contract. All the sugar purchased should arrive in Pakistan by Nov. 10.
The sugar is sought from worldwide origins packed in bags.
Second vessel of sugar imported by the Trading Corporation of Pakistan (TCP) has reached Pakistan for domestic consumption in August. the TCP is importing some 100,000 metric tons of sugar from worldwide sources to avoid shortage in the domestic market. The imported sugar will be supplied to the Utility Stores Corporation.
According to the TCP, so far two shipments carrying 63,870 metric tons of sugar have arrived Pakistan during the last two weeks.
The TCP’s first consignment of 3,170 metric ton imported sugar was arrived at Karachi Port Trust on July 26, 2021 and its discharging was completed on Friday. While, another vessel MV SAN SEBASTIAN, carrying 30,700 metric ton sugar was reached on August 4, 2021 at Karachi Port Trust. The discharging of the second consignment of imported commodity has also commenced from Friday.
The third vessel, MV ILLOVO RIVER, carrying 35,000 metric ton sugar, is expected to arrive in Pakistan on August 14, 2021. With the arrival of the third consignment, the import of 100,000 metric ton sugar will be completed.
As per directions of the federal government, the entire cargo will be handed over to the Utility Stores Corporation to arrest the soaring prices of the commodity in the domestic market.
TCP is also importing sugar to fill the supply and demand gap and bring the prices down in the local market. Sugar prices in the domestic market are gradually increasing and reached Rs 110 per kilogram.
The TCP has signed contracts for the import of some one million metric ton wheat and some 0.15 million sugar to meet the domestic demand and ensure price stability.
It may be mentioned here that the State-run grain trader opened a sugar tender for the import of 0.1 million metric tons of sugar in June and tender was awarded to lowest bidder at a price of $526.8 per metric ton. The landed cost of sugar will be about Rs 89 per kilogram.
Pakistan Rupee Exchange Rate