India's MMTC gets highest bid at $305/T in wheat export tender

NEW DELHI Tue Feb 12, 2013 5:08am EST

NEW DELHI Feb 12 (Reuters) - India's state-run MMTC Ltd received the highest bid at $305 per tonne from global trading company Glencore for its latest wheat export tender, trade sources said on Tuesday.

MMTC floated the tender last month to sell 35,000 tonnes of wheat for shipments between Feb. 25 and March 20 from warehouses located on the west coast as part of the government's plan to reduce huge stocks before the new harvest.

There were four bidders in the latest tender, they said.

State-run companies such as MMTC, State Trading Corp. and PEC have been regularly floating export tenders to ship out wheat from overflowing government warehouses.

The latest figures show stocks at government warehouses as on Feb. 1 were 30.8 million tonnes, more than four times the official target.

On Feb. 7, STC received the highest bid at $310 per tonne from Glencore for a similar wheat export tender. (Reporting by Ratnajyoti Dutta; Editing by Jo Winterbottom)