India has sold its first maize cargo of over 13,700 tonnes to China, a breakthrough between the two countries.
Delivery of the maize from Andhra Pradesh and Karnataka would be next month at approximately $320 (cost and freight), or $275 tonne (free on board), a trader said at the Global Grain Asia conference here today.
China’s maize demand is 5 million tonnes a year.
India produces about 7 mt a year and consumes 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 up to more deals in the future, the source said.