KARACHI, Aug 13: The Trading Corporation of Pakistan (TCP) short-listed six bids on Saturday for a tender to import 50,000 tons of white sugar at between $337.45 and $390 per ton C&F Karachi, an official said.

The lowest bidder was a German-based firm which offered 14,000 tons of sugar at $337.45 per ton, while Dubai-based Al Khaleej sugar refinery quoted the highest supply price of $390 per ton.

Al-Khaleej made three offers — $280 per ton for 25,000 tons, $370 per ton for 50,000 tons and $390 for another 25,000 tons, the official said.

Three London-based companies offered to supply 25,000 each at $371.75, $358 and $387 per ton, while a Swiss-based firm offered to supply 25,000 tons at $360.14 per ton. Bidders offered Indian, Chinese, Canadian, Thai and Brazilian sugar.

The official said a decision on the bids was expected either later in the day or on Monday.

TCP issued the sugar import tender on August 13. The successful bidders would have to complete the shipments of sugar at Karachi’s Port Qasim within 21 days after opening of a letter of credit.

Facing a sugar shortage and runaway prices, Pakistan has been buying sugar from international markets since January, and last month the TCP purchased 100,000 tons of white sugar from Al Khaleej at $366 a ton, C&F Karachi.

Last week, Islamabad also removed a four-year ban on sugar imports from India and has allowed Indian suppliers to participate in the TCP tender, issued on Aug 3. Pakistan banned imports from India in 2001 after the domestic industry said cheap Indian sugar was hurting cane growers and processors.

Private Pakistani traders have also finalized deals to import more than 500,000 tons of refined and raw sugar, after the domestic sugar production slipped between to 3.1m and 3.2m tons this year from 4.0m tons last year.

Pakistan consumes about 3.6 million tons of sugar a year. The TCP will issue a third tender to buy 50,000 tons of duty-free refined sugar later this month.

—Reuters