HAMBURG: The state-run Trading Corporation of Pakistan (TCP) is believed to have rejected all offers and made no purchases in its two separate international tenders for 300,000 tonnes of wheat and 50,000 tonnes of sugar which closed on Tuesday, European traders said on Friday.

Offers in the wheat tender were regarded as too high at a time when Pakis­tan’s own grains harvest is starting, a trader said.

Wheat prices have risen since Russia announced grain export taxes to reduce its overseas shipments and cool Russian domestic prices.

Only two offers were reported in the white sugar tender. Final confirmation of the cancellation is still awaited, they said.

Published in Dawn, March 6th, 2021