The lowest bid in Pakistan's international tender to import 75,000 tones of white sugar which closed on Saturday was $638.10 a tonne c&f, European traders said on Monday.
The bid was submitted by Al-Khaleej of the United Arab Emirates for the full 75,000 tonnes sought in the tender from the state-run Trading Corporation of Pakistan (TCP) and would be of worldwide origin, traders said.
The second lowest bid was $643.50 a tonne c&f submitted by Man for 25,000 tonnes, also of worldwide origin, traders said.
Other bids were from Cargill for 50,000 tonnes at $644.00 a tonne c&f sourced from Thailand or Dubai; from Louis Dreyfus for 50,000 tonnes at $644.10 a tonne c&f from origins including Thailand and Argentina and from Bunge for 25,000 tonnes at $671.45 a tonnes c&f from Thailand.
Traders said they believed a purchase had not yet been made.
"The TCP has asked the lowest bidder to extend the offer to Wednesday 1800 hours Pakistan time," one trader said.
"It appears that these record prices mean the purchase may have to be approved by the country's economic coordination committee rather than the trade minister alone."
Global sugar prices have surged to their highest levels for around 30 years in August, fuelled by high Indian import demand and tight supplies.
In May, Pakistan reportedly purchased 50,000 tonnes of sugar at $494.40 a tonne.
Pakistan decided in February to import 200,000 tonnes of white sugar to meet demand and keep a check on prices after output fell to an estimated 3.2 million tonnes in the 200809 crop from 4.7 million tonnes the previous year.
The TCP has imported 125,000 tonnes of white sugar but it cancelled two tenders in May and June for a total of 75,000 tonnes, after stocks built up to a comfortable level.
The TCP said on Aug. 24 it was likely to issue a further tender to import 100,000 tonnes.