ISLAMABAD: The TCP sugar import tender that opened on Saturday saw offered prices falling further.
The state-run Trading Corporation of Pakistan invited bids for 0.2 million tons of sugar for building strategic reserves to bring prices down in the domestic market, it is reliably learnt.
Al Khaleej Sugar Co, Dubai offered the lowest bid of $596.10 a ton for 200,000 tons quantity while Agrocrop International the second lowest bidder offered $607.95 a ton for 25,000 ton, said one of the official of the bidders but requested not to be named.
Louis Dreyfus commodities, Suisse, SA the third lowest bidder also offered 100,000 tons quantity with $608.40 a ton for 50,000 tons and $614 a ton for the remaining quantity in Saturday’s tender, the same official added.
After not getting a positive response of the government-to-government deal of 700,000 tones sugar from UAE government, Al-Khaleej, this time decided to bid far bellow ita previous offer of $850 a ton, he said.
The Corporation has so far contracted the purchase of 150,000 tones of sugar in the last three tenders and awarded them to The Sadan General Trading, Dubai for 50,000 tones quantity at $685 a ton, Agrocrop International for 50,000 tons quantity at $779.95 a ton and again The Sadan General Trading, Dubai for 50,000 tones at $649 a ton.
With the awarding of Saturday’s tender, a total amount of 0.35 million tons sugar will be contracted by the Corporation and it still requires 150,000 tons quantity to build a strategic reserves of half a million tons.
“There will no harm if the expected tender of March 27 will be staggered and may be opened in the first week of April as the declining trend of the commodity in the international market will help the country to save the foreign exchange, an official of the commerce ministry said but requested not to be named told The News on Saturday evening.
Both the officials at the ministries of Industries & Production and Food & Agriculture have revised their total sugar production estimates from 3.2 million tons to 3.5 million tons when the crushing season is nearly close to end, an official of the MOIP not authorized to speak with the media told this correspondent.
The sugar shortage in current season will be 700,000 tons as against the previous estimate of 1.2 million tons, the same official hoped adding that the Corporation will finalize the shipments in June.
“The sugar emergency in the country is over,” an industry executive told this scribe.
The first ship carrying 25,000 tons of has left Brazilian port well before the time and will reach Karachi port in the next three weeks. Similarly the second ship loaded with 25,000 tons of sugar will set sail for Pakistan next week,” he said.
Source: http://www.thenews.com.pk/daily_detail.asp?id=230140
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