New Delhi: The State Trading Corporation of India's (STC) August 23 tender to import an unspecified quantity of wheat on Government account has drew in bids for 5.30 lakh tonnes (lt) from eight players, who have quoted rates between $385 and $434 a tonne, cost and freight (c&f). This is way above the weighted average price of $325.59 a tonne at which STC had contracted 5.11 lt imports in its previous June 26 tender and the $205.31 per tonne for the 55 lt imported in the whole of 2006-07. The latest tender, which opened here on Aug 29, witnessed STC receive bids from the Swiss commodity giant, Glencore International AG for three lt, the US-based Cargill Inc (80,000 tonnes), Alfred C. The lowest bids were from Glencore, which offered to supply a panamax load (60,000-70,000) at Mundra port for $385 a tonne in October. Toepfer and Cargill's offers were for $390 and $400 a tonne, respectively - again for delivery at Mundra. The current price bids are valid till September 3, by which time the STC and Food Ministry would take a view on whether and how much to purchase at what rate.
Source : www.indian-commodity.com
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