Egypt’s GASC purchased 35 thsd tonnes of sunflower oil at a tender 2.8% cheaper than in November

Egyptian state-owned operator GASC held a tender on December 27 for the purchase of 30 thsd tonnes of soybean and 10 thsd tonnes of sunflower oil for delivery on February 14-29 and/or March 1-15 with payment on presentation or 270-day letter of credit.

The number of bids submitted for sunflower oil supply increased from 8 to 12 compared to the auction on November 2, and the price decreased from 963-1000 to 950-990 $/t C&F with immediate payment and 1040-1300 $/t C&F with a 270-day deferred payment.

The number of submitted applications for the supply of soybean oil decreased from 15 to 14, and the price decreased from 1065-1075 to 969-1025 $/t C&F with immediate payment and 1000-1350 $/t C&F with a 270-day deferral.

It is worth noting that the number of offers of sunflower oil increased more significantly, but prices for soybean oil decreased.

The cheapest batch of soybean oil was offered by ADM at 969 $/t C&F, and sunflower oil by Aston at 950 $/t C&F.

As a result, GASC purchased the cheapest of the proposed consignments of sunflower oil (17 thousand tons for delivery on February 14-29 and 18 thousand tons for delivery on March 1-15) at a price of 905 $/t C&F, which is 2.8% lower than at the auction on November 2, where the price was 1330 $/t C&F.

Tags: Egypt, tender, soybean oil, sunflower oil