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HAMBURG: The lowest price offered in the international tender from Pakistan to buy 100,000 metric tons of white sugar on Tuesday was believed to be $534.75 a metric ton cost and freight included, European traders said in initial assessments.

Offers in the tender from the state trading agency Trading Corporation of Pakistan are being considered and no purchase has yet been reported, they said. The TCP can negotiate for several days in tenders before deciding whether to purchase.

Pakistan’s government has approved plans to import 500,000 tons of sugar to help maintain price stability after retail sugar prices in the country rose sharply. The tender is the latest in a series held by the TCP to buy sugar in July, August and September.

The TCP’s latest tender seeks price offers for fine, small and medium-grade sugar, with shipment arranged to achieve arrival of all the sugar in Pakistan by November 7.

The lowest offer was said to have been submitted by trading house Dreyfus for 25,000 tons of small grade sugar.

Three other trading houses also tender participated, all offering all per ton c&f, traders said.

Al Khaleej Sugar offered 30,000 tons of medium grade at around $568.50 and also 60,000 tons of small grade at $558.50, traders said.

Sucden Middle East offered 25,000 tons of small grade at $544.00 and ED&F Man 50,000 tons of small grade at $559.00.

Reports reflect assessments from traders and further estimates of prices and volumes are still possible later.

The TCP’s tender seeks sugar sourced from any worldwide origin excluding India and Israel or other countries under sanctions.