NEW DELHI, Feb 18 (Reuters) - India's MMTC Ltd (MMTC.BO) has scrapped a tender to import 35,000 tonnes of raw sugar because the bids were too high, a government source told reporters on Wednesday.
Bids were valid up to Feb. 19, when the company was expected to choose a bidder, but the firm decided to cancel the tender one day in advance, the official said.
"There were five bids from global trading companies. The bids were in the range of $330-$360 per tonne including cost and freight. This is too high and we have cancelled the tender," he said.
Dealers expect India to import 1.5-2.0 million tonnes of sugar in the crop year ending September as domestic output is likely to fall by a third to 18 million tonnes.
Source : REUTERS INDIA