Business Daily from THE HINDU group of publications
Thursday, Aug 30, 2007
ePaper
Business Daily from THE HINDU group of publications Thursday, Aug 30, 2007 ePaper |
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Agri-Biz & Commodities
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Wheat Industry & Economy - Exports & Imports STC wheat tender attracts 8 bids
Our Bureau New Delhi, Aug. 29 The State Trading Corporation of India’s (STC) August 23 tender to import an unspecified quantity of wheat on Government account has attracted 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 Wednesday, saw STC receive bids from the Swiss commodity giant, Glencore International AG for three lt, the US-based Cargill Inc (80,000 tonnes), Alfred C. Toepfer of Germany (70,000 tonnes), the public sector PEC Ltd (50,000 tonnes), Ameropa AG of Switzerland (25,000 tonnes) and Singapore’s Starcom Resources (5,000 tonnes). The offers of two parties — Concordia Agritrading (a subsidiary of the Dutch trading house, Nidera) and Yamuna Flour Mills at Jagadhri (Haryana) — were rejected on technical grounds. Price bids
According to sources, 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. For the remaining quantity, the company is said to have quoted $387 to $394 a tonne c&f, Mundra. Toepfer and Cargill’s offers were for $390 and $400 a tonne, respectively — again for delivery at Mundra. “It looks they will eventually negotiate and settle for a $380-390 range and contract about four lt from the chosen suppliers,” the sources said, adding that even these prices may not be easy to justify when Parliament is in session. 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 buy at what rate. The wheat in the present tender is to arrive between October and December.
Related Stories: STC issues new wheat import tender STC floats tender to import 10 l tonnes wheat Global wheat prices may come under pressure on STC move More Stories on : Wheat | Exports & Imports
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