Pakistan drops $660 price floor in fresh sugar export tender

Pakistan has reopened international bidding for 108,000 metric tons of surplus sugar, this time without a minimum export price, Mettis Global reported on November 10. The previous sale effort drew no offers at the required floor of $660 per metric ton, prompting the Trading Corporation of Pakistan to issue a revised tender.

The stock is held at TCP’s Papri warehouse in Karachi and comprises 96,000 metric tons of fine-grain sugar and 11,086 metric tons of medium-grain sugar. Buyers can bid for one or both grades, subject to minimum quantities: 10,000 metric tons for fine-grain sugar and the complete medium-grain quantity. Offers are due on November 13, with opening set for 11:30 a.m. in Karachi; a briefing for bidders is scheduled for November 11. Successful buyers must collect their allocation within 90 days of contract signing. The government says the export is intended to keep surplus supplies from adding to domestic stocks before the next crop arrives.