Egypt buys 50,000 tonnes of raw sugar
Egypt's state grains buyer the General Authority for Supply Commodities (GASC) has bought 50,000 metric tons of imported raw sugar for shipment in February.
It is reported by Reuters.
Traders said the sugar was bought at the estimated price of $528.80 a tonn CIF free out, which includes cost, insurance and freight.
Seller was believed to be trading house Alvean with expected arrival in Egypt between Feb. 15-29, 2024.
The international tender seeking the sugar had closed on Dec. 16 but negotiations had continued for several days, as prices were believed to be above GASC’s target price which traders assessed at $530 a tonn.
Egypt extended its sugar export ban in December after tight sugar supplies led to rising prices and shortages of unsubsidised sugar at some shops in the country.