The Sinusoidal Transform Coding(STC) is a vocoding scheme based on a sinusoidal model of a speech signal. The low bit-rate speech coding based on sinusoidal model is a method that models and synthesizes speech with fundamental frequency and its harmonic elements, spectral envelope and phase in the frequency region. In this paper, we propose the 2.4kbps low-rate speech coding algorithm using the sinusoidal model of a speech signal. In the proposed coder, the pitch frequency is estimated by choosing the frequency that makes least mean squared error between synthetic speech with all spectrum peaks and speech synthesized with chosen frequency and its harmonics. The spectral envelope is estimated using SEEVOC(Spectral Envelope Estimation VOCoder) algorithm and the discrete all-pole model. The phase information is obtained using the time of pitch pulse occurrence, i.e., the onset time, as well as the phase of the vocal tract system. Experimental results show that the synthetic speech preserves both the formant and phase information of the original speech very well. The performance of the coder has been evaluated in terms of the MOS test based on informal listening tests, and it achieved over the MOS score of 3.1.