MMTC tender delivery period rescheduled

MMTC today rescheduled the delivery period for its 50,000 tonne wheat import tender floated last week. In its tender, the state-run trading firm had sought delivery of imported wheat cargoes during July-August. Today it issued a corrigendum to the tender, asking for the delivery of the imported wheat in August-September and November-December.

A company official said the delivery period has been rescheduled to get better prices, as the new wheat crop would be harvested in the European Union and Black Sea region in July.

He said since MMTC is not importing wheat on the government account, it can wait for better prices.

The agency has decided not to take deliveries during October over fears of port congestion during the month.

Last year, the government's wheat import shipments were stranded at ports as it decided to prioritise fertiliser shipments ahead of rabi sowing, leading to heavy losses to shippers due to high demurrage costs.

MMTC has invited bids for import of 50,000 tonnes wheat and has the option of importing another 50,000 tonnes if the bids are competitive.

The tender closes Jun 19 at 3PM.