MMTC News

 A high-level meeting chaired by Union Commerce and Industry Minister Piyush Goyal is likely to take a call on the closure of government-owned Metals and Minerals Trading Corporation of India (MMTC), State Trading Corporation (STC) and Project & Equipment Corporation of India Limited (PEC) on October 23, according to reliable sources.

State-run MMTC has been contracted to import an additional 12,500 tonnes of onion from Turkey as directed by the Price Stabilisation Fund Management Committee of the Department of Consumer Affairs, an official release said.

The range of quantity of iron ore to be exported would be 3.8 million tonnes per annum to 5.5 million tonnes per annum.

Supporting Finance Ministry's disinvestment plan for public sector undertakings, Union Minister Piyush Goyal has said his ministry will not reduce the government's stake in power sector PSUs below 51 percent.

 Centre has asked state governments to stock up pulses, especially tur and urad, from the central buffer system to avert price spikes in the coming months.

Amid production concerns due to back-to-back drought, the government has issued a tender for importing 5,000 tonnes of pigeon peas (tur) to boost domestic supply and control prices.

State-run MMTC has imported onions from China and Egypt to boost domestic supply and check rising prices.

According to the data maintained by the Nasik-based National Horticultural and Research Foundation (NHRDF), wholesale onion prices Tuesday declined to Rs 28.50 per kg at Lasalgaon from the peak Rs 57 per kg in August.  

The Union Cabinet on Wednesday cleared reimbursement of Rs 113 crore of losses on pulses imported between 2006-11 by four government agencies.

State-owned MMTC has invited bids for import of 10,000 tonnes of onion from countries like Pakistan, Egypt, China and Afghanistan to boost domestic supply and check prices.

The government, under pressure to check retail onion prices that have shot up to Rs 80 per kg across the country, Thursday approved bids for import of 1,000 tonnes of onion at Rs 45 per kg and has decided to buy more from overseas markets to boost domestic supply.

Onion price at Lasalgaon in Maharashtra -- Asia's biggest wholesale market for onions -- Wednesday climbed to Rs 45 per kg, which could bump up retail prices in the national capital and other parts of the country.

The government has issued a tender to import 5,000 tonnes of urad (black matpe) from Myanmar and other countries to boost domestic supply from September and curb price rise of lentils.

India's urea imports dipped by 33 percent to 10.03 lakh tonnes in the April-May period of current fiscal compared to the same period last year.

The government has finalised modalities for import of key pulses and state-run agencies such as MMTC will soon float tenders for overseas purchase of lentils, Agriculture Secretary Siraj Hussain said Tuesday.

"Because of restrictions on gold imports, our imports were down. But after relaxation in the policy, we expect that the gold imports would reach about 50 tonnes this fiscal year," MMTC CMD Ved Prakash told reporters here.

"The government plans to divest 15 per cent stake in the company. We are ready for it," MMTC Chairman Ved Prakash told reporters here.

India's urea imports increased 23 percent to 87.49 lakh tonnes last fiscal on higher demand, according to an official data.

State-owned Coal India Ltd Monday said the first shipment of 1.79 lakh tonnes of imported coal has landed at Mundra port and would be supplied to the power companies.

Several coal consumers who previously expressed interest in receiving imported coal from Coal India have gradually pulled out, sources said.