Egyptian tender shows that Russia has enough stocks of sunflower oil – analysts

As part of the tender on July 18 for the purchase of vegetable oils, Egyptian GASC contracted 20 thsd tonnes of Russian oil from Green Suppliers at the price of 1013.99 $/t C&F for delivery on September 01-15, ASAP Agri reports.

The price is $56.01/t lower than the initial offer from Green Suppliers and $40.01/t lower than the initial cheapest offer of Russian oil.

In addition, the price is 59.91 USD/t lower than the price GASC paid for sunflower oil at the previous tender on June 13.

“The Egyptian tender showed that there is still enough Russian oil. Based on the last year’s harvest, it was expected. Due to the low activity of Indian buyers, they showed quite acceptable starting offers and bargained a lot to sell,” said Sergiy Repetskiy, partner at Sunstone Brokers.

Egypt did not buy soybean oil at the international tender, but contracted 28 thsd tonnes on the domestic market at the price of 954.25 USD/t.

Tags: prices, Russia, sunflower oil, Egypt, tender