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Wednesday, November 14, 2007

India's MMTC floats tender to import 350,000 tonnes of wheat UPDATE

MUMBAI (Thomson Financial) - India's MMTC Ltd said it has floated a global tender to import 350,000 tonnes of wheat for delivery to Indian ports by Feb 10, 2008.

The tender was floated to build up the state-owned company's buffer stock and cater to the world's second largest consumer of the grain.

The tender will close on Nov 19 and bids will open the same day, MMTC said on its website.

'It makes economic sense to import wheat at this point in time as prices are on a corrective mode in the international markets,' said Avinash Raheja, senior vice president at Commtrendz Risk Management Services. He expects bids will be in the range of 425-440 usd per tonne.

Earlier, India had said it would import 1 mln tonnes of wheat by floating tenders via State Trading Corp, MMTC, and PEC Ltd.

In September, the country purchased 795,000 tonnes at a weighted average price of 389.45 usd per tonne from Glencore International AG, Toepfer International and Starcom (other-otc: SCME.PK - news - people ).

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