India sells first maize cargo of over 13,700 tonnes to China
Singapore: India has sold its first maize cargo of over 13,700 tonnes to China, a break through between the two countries.
Delivery of the maize from Andhra Pradesh and Karnataka would be next month at approximately USD 320 (cost and frieght), or USD 275 tonne (free on board), a trader said at the Global Grain Asia conference here on Thursday.
China's maize demand is 5 million tonnes a year.
India produces about 7 million tonnes a year and consume 3 million tonnes.
The Indian maize shipment would be subject to quarantine clearance, said the trader, adding that it would be just a formality.
Chinese and Indian officials in such trade were expected to iron out any issue relating to the pilot deal, opening to more deals in the future, the source said.