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Egyptian GASC Purchases Sunflower Oil at Lower Prices in Latest Tender
Overview of the Tender
On July 18, the Egyptian General Authority for Supply Commodities (GASC) held international and local tenders for the purchase of 40,000 tons of vegetable oils. This included 30,000 tons of soybean oil and 10,000 tons of sunflower oil, with delivery scheduled for September 1-30, 2024, and immediate payment terms.Decrease in Offer Prices
Compared to the previous tender held on June 13, the number of submitted offers for sunflower oil decreased from 17 to 10.- Offer prices fell from $1,085-1,163/t C&F to $1,054-1,163/t C&F.
- Russian sellers notably reduced their offer prices for sunflower oil by $10-30/t C&F.
- In contrast, the number of soybean oil offers increased, with prices ranging from $1,066-1,110/t C&F, up from $1,045-1,155/t C&F in the previous tender.
Ukrainian Sunflower Oil
Only one offer for Ukrainian sunflower oil was submitted, with the highest tender price of $1,163/t C&F, which was $89.1/t higher than the price in June.Tender Results
GASC purchased 20,000 tons of sunflower oil from Green Suppliers for delivery between September 1-15 at a price of $1,013.99/t C&F, which is $59.91/t lower than the June 13 auction price.Additionally, GASC purchased 28,000 tons of local soybean oil and chose not to purchase imported oil due to the high prices.
Previous Purchases
In previous tenders, GASC acquired:June 13: 5,500 tons of sunflower oil at $1,073.9/t C&F with immediate payment.May 9: 73,000 tons of sunflower oil at $1,000/t C&F and 29,000 tons of soybean oil at $994/t C&F with payment in 180 days.March 28: 28,755 tons of sunflower oil at $930/t C&F and 18,000 tons of soybean oil at $1,050/t C&F.February 18: 60,250 tons of sunflower oil with payment in 180 days at $920/t C&F, $20/t higher than the January 18 tender price.
Market Trends
Between the June 13 and July 18 tenders, the average price of sunflower oil for delivery to buyers fell by 4% to $903/t due to an increased supply of canola and soybean oil. Meanwhile, July soybean oil futures in Chicago rose by only 1.5% to $980/t during the same period.The latest tender results from GASC indicate a strategic move to secure sunflower oil at lower prices amidst fluctuating market conditions. This trend highlights the importance of timing and market awareness in commodity purchasing. As the supply dynamics continue to evolve, maintaining flexibility in procurement strategies will be crucial for meeting demand efficiently and cost-effectively.
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