Within 18 Jul tender to purchase of vegoils, Egypt’s GASC booked 20 KMT of russian sunflower oil from Green Suppliers at 1013.99 USD/MT C&F for 01-15 Sep shipment. The price is 56.01 USD/MT lower compared to the initial offer from Green Suppliers, and 40.01 USD/MT lower vs the initial cheapest offer of russian origin. Also, the price is 59.91 USD/MT lower vs the price GASC paid for sunflower oil in its previous tender on 13 Jun.

Sergiy Repetskiy, partner with Sunstone Brokers, noted: “The Egyptian tender showed that there is still plenty of Russian oil. Based on the volume of last year’s harvest, it was expected. Due to the low activity of Indian buyers, they showed quite reasonable starting offers and bargained a lot in order to sell.”

GASC has not bought soybean oil in an internationals tender, while it booked 28 KMT of the oil from the domestic market at 954.25 USD/MT.