Egypt’s E-Styrenics revises Jan. GPPS prices downward
Whilst E-Styrenics has implemented another decrease for overseas customers, their local arm ECHEM will be out of the market this month. ECHEM will only contact customers to give offers, but even local deliveries will be carried out by E-Styrencis.
Plus, new local prices, given both on EGP and US dollar basis, are offered with ex-warehouse delivery terms instead of the usual FCA basis terms. This is because ECHEM chose not to involve itself with clearing procedures from the port. If a customer prefers to purchase directly from E-Styrenics at the free zone, then they will be responsible for clearance themselves.
E-Styrenics’ local prices stand at $1155-1235/ton and at EGP9140/ton ($1279/ton) on ex-Dekhelia, cash not including VAT basis.
Following new prices reductions from E-Styrenics, distribution market levels also came down by EGP400/ton ($56/ton) at the high end to EGP13500/ton ($1717/ton without VAT), but the low ends remained mostly stable from last week at EGP13000/ton ($1653/ton).
Given the fact that E-Styrenics has just revealed their new levels, distributors’ prices have not fully reflected the decreases.A distributor commented, “Local prices will witness very significant decreases soon in line with E-Styrenics’ low offers and constantly decreasing import prices. Plus, there is not much buying interest in the market.”
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