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STC gets highest bid at $300/T in wheat export tender

NEW DELHI: The State Trading Corp (STC) has received the highest bid at $300 per tonne -- a current floor price -- in its wheat export tender offering 100,000 tonnes on the west coast, trade sources said on Thursday.

STC issued the tender last month offering the grain from government warehouses for shipment by mid-July.

Government-backed traders MMTC, STC and PEC have been floating export tenders to ship out wheat from overflowing government warehouses since mid-2012.

The government has sold almost all the 4.5 million tonnes made available through this channel and could allow another 2 million tonnes under the same mechanism as early as Friday.

Food Minister KV Thomas said on Wednesday the extra exports would have the same $300 per tonne floor price.

On Wednesday, PEC received the highest bid at $300 per tonne from Dubai-based trading firm Al Ghurair in a tender offering 90,000 tonnes of wheat from the west coast.

In the last tender on May 22, STC received the highest bid at $304.5 per tonne.


News Source: economictimes.indiatimes.com