E-Styrenics resumes offering to market

A source close to Egypt’s local PS producer E-Styrenics reported that the producer has resumed offering to the market. Last week, the producer had stopped offering to the market following the Central Bank’s unexpected decision to float the Egyptian pound on November 3.

The source reported that the producer implemented decreases on its November offers from the last October levels and is open to negotiations depending on purchase volume. The producer’s November GPPS offers are standing at EGP20400-20740/ton on an ex-works Dekheila, cash basis. The producer’s dollar based offers, meanwhile, stand at $1200-1220/ton with the same terms.

“We had to adjust our offers following the floatation decision. Although we revised down our offers, players are not accepting new levels. We are offering within the market levels and we cannot reduce our prices further as we are determining our offers according to the costs and we have already bought some styrene at high levels. Therefore, we cannot issue any price reductions. Meanwhile, our plant is still shut, but we are delivering from our stocks since we have good stock levels to cover the market," also added the source.