The lowest price offered in the international tender to buy 50,000 tonnes of sugar from Pakistan on Wednesday was believed to be $689 a tonne c&f, European traders said in initial assessments.

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

The lowest offer was believed to have been submitted by trading house Louis Dreyfus, they said.

Two other suppliers participated in the tender, Al Khaleej Sugar (AKS) was believed to have offered $697.50 a tonne c&f and Wilmar offered an estimated $702 a tonne c&f.

All three offers were for the full 50,000 tonnes of sugar sourced from a range of optional origins.

The Pakistani government had in 2020 approved sugar imports to meet a shortage as production fell below consumption levels.

Specifications in Wednesday’s tender have been changed to medium to fine grade granular sugar which should open up more possible supply origins, traders said.

Rapid shipment is sought in the tender with shipment of the first 25,000 tonnes being undertaken in only 15 days plus voyage time after contract award. All the sugar must arrive in Pakistan by Nov. 10.

The sugar is sought from worldwide origins packed in bags.