The Egyptian GASC purchased sunflower oil at a tender at a lower price than in June

On July 18, the Egyptian GASC held international and local tenders for the purchase of 40,000 tons of vegetable oils, including 30,000 tons of soybean oil and 10,000 tons of sunflower oil with delivery from September 1-30, 2024 and immediate payment.

Compared to the previous tender (June 13), the number of submitted offers for the supply of sunflower oil decreased from 17 to 10, and the offer prices fell from $1085-1163 to $1054-1163/t C&F. At the same time, Russian sellers reduced the price of sunflower oil offers by $10-30/t C&F, while 10 (13) batches of soybean oil were offered more expensively than last time - at $1066-1110 (1045-1155)/t C&F.

Only one offer of Ukrainian sunflower oil was submitted, with the highest tender price of $1,163/t C&F, which was $89.1/t higher than the June purchase price.

As a result, GASC purchased 20,000 tons of sunflower oil from Green Suppliers for September 1-15 delivery at a price of $1,013.99/t C&F, which is $59.91/t lower than at the June 13 auction.

Also, GASC purchased 28,000 tons of local soybean oil and refused to purchase imported oil due to the high prices of the offers.

We remind you that earlier GASC acquired:

• June 13 – 5.5 thousand tons of sunflower oil with immediate payment at a price of $1,073.9/t C&F,
• May 9 – 73,000 tons of sunflower oil at a price of $1,000/t C&F and 29,000 tons of soybean oil at a price of $994/t C&F with payment in 180 days,
• March 28 – 28,755 thousand tons of sunflower oil at a price of $930/t C&F and 18 thousand tons of soybean oil at a price of $1,050/t C&F,
• February 18 – 60.25 thousand tons of sunflower oil with payment in 180 days at a price of $920/t C&F, which was $20/t higher than the purchase price of the January 18 tender.

Between tenders June 13 and July 18, the average price of sunflower oil for delivery to buyers fell 4% to $903/t due to increased supply of canola and soybean oil, while July soybean oil futures in Chicago during this time, they grew by only 1.5% to $980/t.