Egypt’s GASC launches international vegoil tender for July arrival

Egypt’s state-backed importer GASC launched an international tender over the weekend, seeking cargoes for July arrival, the agency said in an announcement on its website.

GASC is looking for offers for at least 30,000 mt of soyoil and 10,000 mt of sunoil for arrival between July 10-30.

The tender is set to close on May 6.

At its last international tender held on March 19, GASC bought 60,000 mt of soyoil at $634.50/mt CFR Egypt sold by Hakan Agro divided into two 30,000 arrivals.

The first is expected between May 20 and June 10 and the second from June 15 to July 5.

It also booked 60,000 mt of sunoil at $676.50/mt CFR Egypt sold by Glencore for arrival between May 20 and June 10.

Since then, Ukrainian sunoil prices for June loading have surged by 9% or $58/mt to $697/mt FOB Chornomorsk as a lack of offers and short covering have combined with a rise in domestic and Turkish demand.

Meanwhile, growth in Argentina’s soyoil prices has been limited by lackluster demand due to the steep premium over palm oil and logistical issues on the Parana River as spot value rose just 1% to $576/mt FOB UP River.

At its previous local tender that closed on April 5, GASC booked 12,000 mt of soyoil at $648.80/mt CFR from Wataniya/Cargill for arrival between May 1-25.

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