European traders reported on Monday that Pakistan has requested that price offers submitted in an international tender to purchase up to 100,000 metric tons of sugar remain valid until Tuesday, October 14, to allow for further consideration.
So far, no purchase has been reported, and traders believe the likelihood of procurement through this tender is rapidly diminishing.
The price offers were originally submitted on October 6, and the Trading Corporation of Pakistan (TCP) often engages in several days of negotiations before making any final purchasing decisions.
The Pakistani government recently approved plans to import 500,000 tons of sugar to help stabilize retail sugar prices, which have been rising sharply in the domestic market.
TCP has floated several sugar tenders in recent weeks, with the most recent reported purchase being 80,000 tons on September 29.
