Sweet deal yet again…will it ease pressure on consumers?
Businessweek has reported that Pakistan has finalized a deal with China to buy 100,000 metric tons of white sugar at $558 per ton. This comes to less than Rs 50 per kg. Will it ease the pressure on the market and lower the prices or sugar barons will prevail again? Only time will tell. In the meantime please read on….
Pakistan’s Trading Corp. purchased 100,000 tons of white sugar from China’s Yunnan Coal & Chemical Industry Group Co. Ltd. at $558 a ton, according to a statement issued by the corporation.
The trading body bought 725,000 metric tons and will buy another 475,000 metric tons by the end of June as it purchases 1.2 million tons of sugar to overcome shortages and control prices.
The tender today for importing 200,000 metric tons of sugar was the last one in May, S Anjum Bashir, chairman of Trading Corp. said May 25. The company will look at the bids and decide whether more sugar could be bought in the same price, he said.
“We will buy the full quantity of the tender, or even more if prices are attractive,” Bashir said in a telephone interview from Islamabad. “If prices are high, I would buy the minimum required quantity of 50,000 tons.”
The Trading Corp. may invite fresh bids in June to help meet the target, Bashir said.