Only one trading house is believed to have participated in the international tender to buy 200,000 tonnes of sugar from Pakistan's state trading agency the Trading Corporation of Pakistan (TCP) on Monday, European traders said.

The offer of $670.00 a tonne c&f, was said to have been made by trading house Dreyfus for 50,000 tonnes.

No purchase of the white sugar sought has yet been reported, 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.