Key Takeaways
- Traders report lowest bid at $339.36 per metric ton for 60,000 tons.
- State agency TCP is evaluating offers from 10 trading houses.
- Decision expected in coming days as importers face supply challenges.
Pakistan has received bids for 185,000 metric tons of wheat in a recent tender, with traders reporting the lowest offer at $339.36 per metric ton, cost and freight (c&f) included. The bid was submitted by trading house Bunge for approximately 60,000 tons.
The tender, initiated by the state agency Trading Corporation of Pakistan (TCP), comes at a critical time for importers, as fighting in the region has brought seaborne Black Sea exports of cheap Russian and Ukrainian wheat to a virtual standstill, making alternative sources more expensive.
In a previous tender, TCP purchased 365,000 tons at $348.83 per metric ton c&f, before issuing the current tender for another 185,000 tons. Trading houses submitted various offers, with prices ranging from $339.36 to $354.83 per metric ton c&f.
The offers from the following trading houses were reported: Bunge at $339.36 for 60,000 tons, Olam at $341.88 for 60,000 tons, Ameropa at $343.47 for 60,000 tons, Agrocorp at $343.74 for 60,000 tons, CHS at $345.00 for 60,000 tons, Mera at $346.19 for 60,000 tons, LDC at $346.50 for 120,000 tons, Falconbridge at $347.49 for 60,000 tons, Al Ghurair at $349.00 for 60,000 tons, Saif at $350.53 for 60,000 tons, and Soufflet at $354.82 for 60,000 tons.
The state agency is still considering the offers and no purchase has been reported. A decision is expected in the coming days, as importers navigate the complexities of the current market conditions.
Traders note that the tender is part of a series of efforts by the TCP to secure wheat imports, with the previous purchase of 365,000 tons at $348.83 per metric ton c&f, before the current tender was issued.
The situation highlights the challenges faced by importers in securing affordable wheat supplies, particularly with the disruption in Black Sea exports and the higher costs of alternative sources.
