Egypt’s GASC cancels local tender, buys 10k mt sunoil

Egypt’s state buyer GASC has bought 10,000 mt of sunoil, and also cancelled a local vegoil tender for soyoil, after it deemed offer levels were too high, market sources said.

The agency announced two parallel tenders on Wednesday and initially requested 30,000 mt of soybean oil from domestic suppliers as well as 10,000 mt of sunflower oil from international suppliers from October 5-25 on 180-day payment terms.

Only Belluno offered sunoil in the international tender, at $1,333/mt CFR, down to $35/mt from the $1,368/mt CFR which were paid in the last tender on June 22.

However, due to high prices for soybean oil, Egypt's state-owned importer GASC canceled an internal tender for the purchase of soybean oil from domestic suppliers.

“CBOT dropped today, in addition to GASC targeting lower than offers, but sellers have refused,” said Ahmed Hawary, AlMagd Group Investments.

At its last tender on June 22, GASC bought 10,000 mt of soyoil at around $1,179.46/mt for September 5-30 period.

Full details of GASC’s buying can be found on the Agricensus Tenders Dashboard.