|23 September, 2019

Egypt's Nobaria gets offers in tender for 40,000 tonnes sugar

The sugar is sought for arrival between Sept. 25-Oct. 30 and the deadline for offer submissions was Sunday

Workers are seen at the Nile Sugar Company factory along the Cairo–Alexandria highway, near the city of Alexandria, Egypt April 10, 2017.

Workers are seen at the Nile Sugar Company factory along the Cairo–Alexandria highway, near the city of Alexandria, Egypt April 10, 2017.

Reuters/Amr Abdallah Dalsh

HAMBURG/DUBAI - The lowest offer in an international tender by Egypt's Nobaria Sugar and Refining Company to buy 40,000 tonnes of raw sugar was $303.33 a tonne CIF, traders said on Monday.

No purchase has yet been reported and offers are still being considered.

The sugar is sought for arrival between Sept. 25-Oct. 30 and the deadline for offer submissions was Sunday.

Traders said they believed three offers were submitted, all for the full 40,000 tonnes: Hakan Agro $303.33 CIF, Dreyfus $315 CIF and ED&F Man $311 CIF.

One trader said he suspected no purchase may be made because the volatile, rising trend in sugar markets may make export companies unwilling to keep their offers valid in coming days.

Raw sugar futures rose on Friday, buoyed by tightening supplies and crude oil gains.

The prospect of a global sugar deficit in the 2019/20 season driven by a fall in global production continues to underpin the market.

(Reporting by Michael Hogan and Maha El Dahan; Editing by Kim COghill) ((michael.j.hogan@thomsonreuters.com; +49 172 671 36 54; Reuters Messaging: michael.hogan.thomsonreuters.com@reuters.net))

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