Crude sunflower oil rose in price at the import auction in Egypt

Published 2024년 9월 12일

Tridge summary

Egypt's state-owned General Agency for the Supply of Raw Materials (GASC) purchased 69,700 tons of unrefined sunflower oil at an international auction, far exceeding the initially planned 10,000 tons due to favorable pricing. However, GASC opted not to import the planned 30,000 tons of soybean oil due to high prices, instead securing 6,000 tons from the domestic market. The sunflower oil will be supplied by Green Suppliers, Aston, TOI Commodities, and Viterra at prices between $1,045 and $1,047 per ton C&F. The auction saw higher bid prices compared to the previous one in August, indicating ongoing negotiations to lower final prices. In the domestic soybean oil auction, prices eventually dropped to EGP 48,000 ($992.76) per ton C&F.

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Original content

Egypt's state-owned General Agency for the Supply of Raw Materials (GASC) has purchased 69,700 tons of unrefined sunflower oil with immediate payment at an international auction against the initially planned 10,000 tons, the electronic publication APK-Inform reported, citing its sources among market participants. . At the same time, GASC refused to import the planned 30,000 tons of soybean oil because of the overpriced offers of $1,035-1,090 per ton of C&F, but purchased 6,000 tons from the domestic market. Green Suppliers and Aston will deliver 12,000 tons of sunflower oil each to Egyptian ports between November 20 and December 5 at $1,045 per ton C&F. Another 15,700 tonnes at the same price and term will be provided by TOI Commodities, and Viterra will deliver 30,000 tonnes at $1,047 per tonne C&F between December 10 and 25. By comparison, Egypt's previous unrefined sunflower oil import auction held in early August saw 36,000 tonnes purchased at $1,018 per tonne C&F with ...

Source: Sinor