India's STC gets highest bid at $304/T in wheat export tender

 NEW DELHI: India's State Trading Corp has received the highest bid at $304 per tonne from a global trader in its latest wheat export tender, trade sources said on Wednesday.

Last month,
STC issued a tender to export 200,000 tonnes of wheat for shipments by June 20 from the western port of Mundra.

State-run companies such as
MMTCBSE 0.46 %, STC and PEC have been floating export tenders to ship out wheat from overflowing government warehouses since July 2012.

In the last tender, on April 16, STC received the highest bid at $302 per tonne for grain from warehouses on the east coast.

India has held firm to a price of $300 a tonne for its wheat. Traders have argued this price was not competitive when compared with current market prices of around $275 a tonne but some had already sold on at higher levels and were bidding above this level to cover those sales.