HAMBURG - India's state-run trading company MMTC Ltd has issued an international tender to overseas buyers to sell and export 50,000 tonnes of Indian white crystal sugar, European traders said on Wednesday.
The tender deadline is Oct. 31 and the sugar can be exported from Indian east and west coast ports in breakbulk ships.
There will be an option to purchase a further 50,000 tonnes, they said.
The Indian government in September approved incentives including a transport subsidy for export and a direct cane payment to farmers to encourage cash-strapped mills to export surplus sugar.
Indian sugar mills have signed deals to export raw sugar for the first time in three years as a recent rally in New York prices along with the government subsidies made exports lucrative, Reuters reported on Oct. 9.
The MMTC tender seeks offers for at least 35,000 tonnes in dollars a tonne FOB Indian ports.
The initial 50,000 tonnes should be exported between Dec. 1, 2018, and Jan. 31, 2019, traders said. The optional 50,000 tonnes is for export between Jan. 1-31, 2019.
Offers in the tender must remain valid up to Nov. 13