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Egypt’s E-Styrenics halts Nov offers after flotation of EGP

by ChemOrbis Editorial Team -
  • 08/11/2016 (17:26)
A source from Egypt’s local PS producer E-Styrenics reported that the producer has stopped offering to the market following the Central Bank’s unexpected decision to float the Egyptian pound last Thursday.

“We had announced our new prices for November deliveries on November 1. However, we halted our offers after the Central Bank’s flotation decision. We aren’t delivering any cargoes for now as we also stopped the plant operations since we don’t know which pricing strategy to follow. The dollar parity is changing more than once per day and we cannot calculate our margins," said the source.
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