GASC weighs bids for purchase of 50,000 tons of sugar: Traders
Updated 1/9/2024 7:20:00 AM
Arab Finance: The Egyptian General Authority for Supply Commodities (GASC) is considering several offers submitted by traders to buy 50,000 metric tons of raw or white sugar, Reuters reported, citing European traders.
The tender was closed on January 6th, with no purchases reported yet.
The lowest price offered in the tender was estimated at $530 per ton for raw sugar on a cost, insurance, and freight (CIF) free-out basis, and was submitted by the food processing firm COFCO.
However, the lowest offer for white sugar was by made ED&F Man at an estimation of $699 per ton CIF free out.
The GASC was initially seeking to purchase raw sugar for $500 a ton and white sugar for $600 a ton, the traders pointed out.
On January 1st, GASC launched a tender to purchase 50,000 tons of raw cane sugar and/or 50,000 tons of refined white sugar of any origin on behalf of the Holding Company for Food Industries (HCFI), represented by the Egyptian Sugar and Integrated Industries Company.
GASC said that it would only consider offers submitted for arrival from February 20th to March 5th, and/or March 6th to 20th.
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