Overview of GASC Tender
Egypt’s General Authority for Supply Commodities (GASC) conducted an international tender on March 28 for the procurement of vegetable oils scheduled for delivery in May. Payment terms were set at 180 or 270 days after the opening of the letter of credit.
Sunflower Oil Prices Comparison
Compared to the previous tender in February, the prices for sunflower oil saw an increase. While February’s tender saw prices ranging from $957-985/t C&F for payment in 180 days and $974-1010/t C&F for payment in 270 days, the recent tender recorded prices from $941-1050/t C&F for payment in 180 days and $963-1300/t C&F for payment in 270 days.
Market Dynamics and Offer Details
Despite some international companies offering lower prices, Russian exporters quoted significantly higher prices, especially with deferred payments. However, during bidding, they revised their offer from $995-998/t to $930/t C&F.
Outcome of the Tender
GASC purchased three batches totaling 35.25 thousand tons of vegetable oils with payment after 180 days. Notably, they procured 17,255 thousand tons of sunflower oil from Aston Agro Industrial SA at $930/t C&F, $10/t higher than the previous tender’s price.
Market Analysis
The average price of sunflower oil in the period between February and March increased by 4.9%, reflecting a broader trend of rising oil prices during this period. Despite expectations of lower prices due to increased soybean supply from South America, May futures for soybean oil rose by 6.6% from February 22 to March 28.
The recent GASC tender demonstrates a notable increase in prices for sunflower oil compared to the previous tender, reflecting market dynamics influenced by various global factors.
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