February 9, 2018 / 1:24 PM / 8 months ago

UPDATE 2-Lowest offer at Egypt's GASC wheat tender at $206.60/T

 (Adds C&F offers)
    HAMBURG/DUBAI, Feb 9 (Reuters) - The lowest offer at a wheat import purchase
tender being held on Friday by Egypt's state buyer GASC was at $206.60 a tonne
free-on-board (FOB) for Russian-origin wheat, traders said.
    The offer was presented by trading house AOS.
    Russian wheat was also the cheapest including shipping costs, with the AOS
offer again the lowest at $221.60 a tonne c&f (see table below)
    No purchase has yet been made and GASC is expected to announce the results
of the tender, in which it is seeking wheat for shipment during March 12-22,
later on Friday.
    Traders said these offers were made on a FOB basis in dollars a tonne, with
tonnes offered when available: 
    Russian wheat:
 AOS    $206.60 for 60,000 tonnes
 GTCS   $208.00 for 60,000 tonnes
 Aston  $209.90 for 60,000 tonnes
 Daewoo $207.95 for 60,000 tonnes
 Friends $208.80 and  $210.10, each for 60,000 tonnes
   Ukrainian
   Dreyfus  $212.00

   Romanian
 CHS             $209.43
 Cerealcom Dolj  $209.80
 Ameropa         $217.00
 Cofco           $210.99 for 60,000 tonnes
    Including the cost of ocean shipping (freight), these were the lowest offers
in c&f terms with shipping company in right hand column:

 Russian   AOS        $206.60 + $15.00 = $221.60    NNC
 Russian   Daewoo     $207.95 + $15.00 = $222.95    NNC
 Russian   GTCS       $208.00 + $15.00 = $223.00    NNC
 Romanian  CHS        $209.43 + $12.83 = $222.26    MINA
 Russian   Friends    $208.80 + $13.95 = $222.75    VENUS
 Romanian  Cerealcom  $209.80 + $13.14 = $222.94    UME
 
  
    In its last tender on Feb. 2, GASC bought 180,000 tonnes of Russian wheat.

    GASC lowered the protein requirements ahead of that tender, reducing the
minimum permissible level for top supplier Russia to 11.5 percent from 12
percent. Such a move is generally intended to lower prices by allowing for lower
quality wheat to be imported. 
    GASC also set a cap on demurrage (ship berthing) fees and raised sieving
fees to $3 per tonne from $2 per tonne previously. 

 (Reporting by Maha El Dahan, Michael Hogan, Eric Knecht and Valerie Parent,
Editing by Jane Merriman and Jason Neely)
  
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