Published: Tuesday April 30, 2013 MYT 2:50:00 PM
Report: India's STC cancels palmoil import tender
NEW DELHI: India's State Trading Corp. Ltd has cancelled an import tender seeking 30,000 tonnes of refined, bleached and deodorised palmolein for May delivery, trade sources said on Tuesday.
India, the world's top vegetable oil importer, buys mainly palm oils from Malaysia and Indonesia, and a small quantity of soyoil from Brazil and Argentina.
The sources said there was only one bid for the tender.
STC floated the tender last week.
They said the state-owned company is expected to float a separate tender seeking the same quantity in the next week.
State-run traders such as STC, MMTC and PEC regularly buy vegetable oils on behalf of state governments for public distribution. They usually require more than one bid to ensure a competitive process. - Reuters