Pakistan preliminarily buys around 685,000 mt of milling wheat

Pakistan-based state-owned entities have secured a total of 685,000 mt of milling wheat split between the Trading Corporation of Pakistan (TCP) and the Ministry of Finance's Economic Coordination Committee (ECC), trade sources have told Agricensus Tuesday.

For TCP, the agency has awarded a purchase of 385,000 mt of wheat, while ECC approved a government-to-government offer to buy another 300,000 mt.

The 385,000 mt award came after TCP launched a tender to buy half a million tonnes, with the price paid said to be around $373/mt CIFFO for November-December shipment dates.

TCP received eight offers in its tender, but only Solaris agreed to discount its  offer to match the lowest one in the tender from Aston, with the final volume split between the two as Solaris sold 265,000 mt and Astong 120,000 mt.

The volume is expected to be sourced from Russia.

Along with that, the ECC also approved an offer made by the Russian state company Prodintorg on a government-to-government basis for 300,000 mt of milling wheat at $372/mt CIFFO for November-January 15 delivery.

TCP’s last successful tender closed on July 25 when the agency booked 186,000 mt of milling wheat for October 16 arrival and paid $407.49/mt CFR Karachi.

Pakistan's Economic Coordination Committee (ECC) had already approved the import of 3 million mt of wheat earlier in May, with the most recent purchase bringing the total booked through TCP-backed tenders for shipment in the 2022/23 marketing year to 1.4 million mt. 

For more information on Pakistan buying, please refer to our Tender Dashboard.