Egyptian GASC bought soybean and sunflower oil at a price of $50-$60/t lower than a month ago
Refined Sunflower Oil
Refined Soybean Oil
Egypt
Published Dec 31, 2022
Tridge summary
The state-owned Egyptian operator GASC purchased 42,000 tonnes of vegetable oils (30,000 soybean and 12,000 sunflower) at an international tender yesterday, with delivery on February 5-25, 2023 and payment within 180 days. A batch of 30,000 tons of soybean oil was purchased from the LDC company at a price of $1,415/t C&F, and 12,000 tons of sunflower oil was purchased from the Egyptian African company at a price of $1,330/t C&F, which is $60/t and $50/t accordingly cheaper than a month ago.
Original content
We will remind that at the November 21 tender, GASC purchased 30,750 tons of sunflower oil at a price of $1,380/t C&F and 35,000 tons of soybean oil at a price of $1,475/t C&F produced by the Russian Federation and Bulgaria with delivery in January, at the tender in early November – 6,000 tons of sunflower oil at a price of $1,474/t C&F with delivery in December, and 14,000 tons of soybean oil at a price of $1,600/t C&F at the end of October. Soybean and sunflower oil prices continue to fall amid increased supply and low palm oil prices. February palm oil futures on the Malaysian exchange are trading at 4,087 ringgit/t, or $925/t, after rising 7% this week. The market has supported the relaxation of China's entry rules, which could lead to increased demand from the main importer, but all eyes are now on the Chinese government's response to a sharp increase in cases and hospital overcrowding. India, the world's second-largest importer of palm oil, has extended a low import duty on ...
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