![Egyptian GASC Tender Overview The Egyptian state operator, GASC, conducted an international tender on February 22 for the procurement of vegetable oils, amidst a backdrop of declining global prices. The tender aimed at securing oils for delivery in April, with payment terms set at 180 or 270 days post the opening of the letter of credit. Price Movements Compared to the previous tender in January, offer prices for sunflower oil decreased, ranging from $957 to $985(€884-€909) per ton C&F with a 180-day payment window, and from $974 to $1010(€889-€932) per ton C&F with a 270-day payment window. Meanwhile, soybean oil offers increased slightly, with prices ranging from $1000 to $1050 (€923-€969) per ton C&F for 180-day payment terms, and from $1025 to $1075 (€946-€992)per ton C&F for 270-day payment terms. Tender Outcome Among the submitted offers, soybean oil from Green Suppliers at $1000 (€923)/t C&F and sunflower oil from ADM at $957 (€884)/t C&F emerged as the most competitive. GASC finalized the purchase of 60.25 thousand tons of sunflower oil with a 180-day payment term, priced at $920/t(€849) C&F, reflecting a $20/t (€18,47)increase compared to the January tender. Market Response Following the tender, prices of sunflower oil for immediate delivery experienced a slight decline to $815/t(€752), driven by heightened offers from Ukraine and Russia, alongside decreasing soybean and soybean oil prices. Ukraine notably increased its sunflower oil exports by 49% compared to the previous week, contributing to a significant portion of the global market supply. The recent tender by Egyptian GASC underscores the intricate interplay between global price trends and procurement strategies in the vegetable oil market. With prices fluctuating amidst shifting supply dynamics, stakeholders remain vigilant for further developments that could influence market conditions in the coming weeks. [cmb_chart ids=766] [cmb_chart ids=767] For improved website design , harvest information , statistics , please subscribe CMBroker [stc-subscribe] Egyptian Gasc Procures Sunflower Oil at Premium Amidst Global Price Shifts](https://commodity-board.com/wordpress/wp-content/uploads/2023/09/Egyptian-Gasc-Bought-Sunflower-Oil-10-Cheaper-Than-the-Previous-Tender.png)
On September 21, the Egyptian state operator GASC held international and local tenders for the purchase of 30,000 tons of soybean oil and 10,000 tons of sunflower oil with delivery on December 15-31 and immediate payment, reports Graintrade.
Bid prices were lower than at the August 24 tender. So, 8 applications were submitted for the supply of sunflower oil (12 at the previous auction) at the price of $918-997 (990-1064) $/t C&F and 8 (8) applications for the supply of soybean oil at the price of 1019-1075 (1070-1096) $/t C&F.
As a result, GASC purchased 63,000 tons of sunflower oil with immediate payment and delivery on December 15-31 at a price of $880/t C&F, which is 10.2% lower than the August 24 tender price, 12.5% lower than the August 16 tender price, and 22% – tender prices on July 26.
Sunflower oil of Bulgarian and Russian production was purchased in the following lots:
- 18 thousand tons – InterGrain SA
- 12 thousand tons – TOI Commodities
- 12 thousand tons – Green Suppliers
- 10 thousand tons – Oliva AD company
- 11 thousand tons – Aston Agro-Industrial
Sunflower oil prices fall against the backdrop of increased offers from the Russian Federation and Ukraine, a drop in palm oil prices to a 3-month low, and a drop in soybean oil quotes.
December palm oil futures on Bursa Malaysia yesterday fell 1.7% to a 3-month low of 3,657 ringgit/t or $780/t (-2.3% for the week) after Dalian soybean oil contracts fell by 3.4%, and palm oil contracts fell by 1.7%.
December soybean oil futures in Chicago were down 5.6% for the week at $1,286/t (-6.2% for the month), while asking prices for sunflower oil for delivery to buyers during the week fell from $870 to $835 /t.
The Russian Federation is increasing supplies of sunflower oil to markets traditional for Ukraine. In August, oil exports from the Russian Federation increased 12 times compared to August 2022, from 25.3 to 301.5 thousand tons, of which 149 thousand tons were delivered to India, 49 thousand tons to China, and 39 thousand tons to Türkiye.
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