Pakistan has extended the validity of price offers submitted in its latest international tender to buy up to 100,000 metric tons of sugar until Tuesday, October 14, as authorities continue evaluating bids, Reuters reported, quoting European traders as saying on Monday.
No purchase has been confirmed so far, and traders believe a deal under the current tender appears increasingly unlikely. The Trading Corporation of Pakistan (TCP) received offers on October 6 and is now considering its options.
The TCP typically takes several days to negotiate in tenders before deciding on a purchase. The government has approved the import of up to 500,000 tons of sugar to stabilize local prices after retail rates surged in recent weeks.
In recent tenders, TCP purchased 80,000 tons of sugar on September 29. The latest tender is part of the government’s broader effort to replenish domestic stocks and curb market volatility.
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