$216-$247/tn bid for MMTC’s 1.2 lakh tn wheat import

MMTC Ltd, the state-run trading firm, has received bids from Glencore, AC Toepfer and MTPL in the range of $216-$247 (approx Rs 10,037-11,478) a tonne, on a cost-and-freight basis, for its tender to import 1.05-1.20 lakh tonne wheat, a government official said on Friday.

He said MMTC’s wholly-owned Singapore-based subsidiary MTPL has offered the lowest bid at $216 a tonne. However, it is also offering the lowest quantity of 27,000 tonne.

Glencore has offered to sell 1.05 lakh tonne wheat for $223-$247 a tonne for different ports and periods of delivery, while AC Toepfer has offered 1.25 lakh tonne wheat at $219-$227 a tonne.
The official added the bids would be subjected to technical evaluation before any offers are finalised.

The state-run trading firm is seeking to buy 1.05-1.20 lakh tonne of wheat in the tender, but has kept open an option to buy a lower or higher quantity, as needed, in multiple lots. The trading firm is seeking wheat in consignments of 25,000-50,000 tonne for delivery during September-October at Visakhapatnam, Tuticorin, New Mangalore, Diamond Harbour or Kolkata ports.

In its previous tender to import 50,000 tonne wheat in July, the firm had decided to buy the foodgrain from MTPL at $179 a tonne, on a cost-and-freight basis.

Source : Financial Express