Overview of GASC Tender for Vegetable Oils
On May 9, the Egyptian General Authority for Supply Commodities (GASC) conducted an international tender to procure 40,000 tons of vegetable oils, scheduled for delivery between June 10-25 and June 26 – July 10, with payment terms set at 180 days. The tender aimed to secure 30,000 tons of soybean oil and 10,000 tons of sunflower oil.
Changes in Sunflower and Soybean Oil Prices
Compared to the previous tender held on March 28, the recent GASC tender witnessed notable shifts in prices for sunflower and soybean oils. While the number of offers increased, particularly for soybean oil, offer prices for soybean oil decreased. In contrast, prices for sunflower oil saw an increase, rising from $941-1,050/t C&F to over $1,000/t C&F.
Details of Purchase Agreements
As a result of the tender, GASC acquired 73,000 tons of sunflower oil (exceeding the planned purchase of 10,000 tons) at a price of $1,000/t C&F, marking a $70/t increase compared to March. Additionally, GASC procured 29,000 tons of soybean oil at a price of $994/t C&F, reflecting a $56/t decrease from the previous tender.
The recent GASC tender revealed a significant divergence in the prices of sunflower and soybean oils compared to previous auctions. The increase in sunflower oil prices, coupled with the decrease in soybean oil prices, reflects shifting market dynamics influenced by supply and demand factors. Stay informed about future developments to anticipate potential fluctuations in oil prices.