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India STC Buys 15,000 T RBD Palmolein at $1,005/T- Sources
calendar17-10-2011 | linkReuters | Share This Post:

17/10/2011 (Reuters) - India's State Trading Corp. Ltd has bought 15,000 tonnes of RBD palmolein at $1,005 per tonne, two government sources said, lower than the last known price paid by another state-run firm.

STC had tendered for 30,000 tonnes of RBD palmolein on Oct. 10 for shipments in October.

The sources, who were involved in the tender process but asked not to be named as they are not authorised to speak to the media, said the cargoes of cooking oil were to be delivered at the western port of Mumbai.

The price includes cost, insurance and freight.

"The cargoes were bought for the Maharashtra government for subsidised sale to the poor," one of the sources said.

State-run PEC Ltd bought 15,000 tonnes of RBD palmolein at $1,016 per tonne for delivery at the southern ports of Chennai and Tuticorin. 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.