Sunflower and soybean oil rose in price in Egypt

Published 2024년 6월 15일

Tridge summary

The Egyptian state General Agency for the Supply of Raw Materials (GASC) has purchased 22,500 tons of vegetable oils, falling short of its planned 40,000 tons, at an international auction. The agency bought 17,000 tons of soybean oil at $1,003 per ton C&F from Mahsul Trading and Posco, and 5,500 tons of unrefined sunflower oil from Mahsul Trading at $1,073.90 per ton C&F. This is a decrease in the amount purchased compared to the previous auction, but the prices have increased despite more offers received in this tender. The immediate payment for these quantities is a notable change from the previous auction, where payment could be delayed up to 180 days.

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Original content

The Egyptian state General Agency for the Supply of Raw Materials (GASC) has purchased at an international auction a total of 22,500 tons of vegetable oils against the planned 40,000 tons, the electronic publication APK-Inform reported, citing its sources among market participants. The purchase of 17,000 tons of soybean oil out of a planned 30,000 tons was agreed at $1,003 per ton C&F from the companies Mahsul Trading (12,000 tons with delivery between July 20 and August 5) and Posco (5,000 tons with delivery between 15 and August 31). In unrefined sunflower oil, 5,500 tonnes were bought out of a planned 10,000 tonnes, with Mahsul Trading again the winner at $1,073.90 per tonne C&F for delivery between July 20 and August 5. For comparison, at the last vegetable oil import auction in Egypt, held 5 weeks ago, 73 thousand tons of unrefined sunflower oil were purchased at $1,000 per ton C&F 29 thousand tons of soybean oil at $994 per ton C&F. However, payment for the current ...

Source: Sinor