Egypt cancelled an international soyoil import tender due to "unsuitability of prices", the country's General Authority for Supply Commodities (GASC) said on Monday.

Egypt bought 25,000 metric tons of soyoil on the local market, GASC added.

GASC gave no more details, but traders said the Egyptian-produced soyoil was all purchased at 47,000 Egyptian pounds a ton, equating to about $975 a ton, from four suppliers.

This compared with a lowest offer of $1,052 a ton, cost and freight included, for imported soyoil submitted in the international tender earlier on Monday.

GASC had sought imported soyoil for arrival between Aug. 10-25 and/or Aug. 26 to Sept. 10.

(Reporting by Nafisa Eltahir; additional reporting by Sarah El Safty and Michael Hogan, Editing by Susan Fenton and Christina Fincher)