Egypt’s OPC and EPPC reveal April PP prices

In Egypt, the local PP producers EPPC and OPC issued their new April prices. OPC, revealed their new April PP raffia offers with increases of EGP2600/ton ($293/ton) from their March levels at EGP11250-11650/ton ($1267-1312/ton) on ex-warehouse Ain Sokhna, Egypt, cash excluding VAT basis.

Such an increase decision was not a surprise since the producer’s March levels were standing below the rapidly increasing distribution market levels on the back of the depreciating EGP against the US dollar as well as the higher April import offers from the Middle East.

A source from OPC remarked, “Our increase decision came in line with the firming global trend. We hold sufficient quota amounts for April but we are planning to spare a larger part of our quotas to the export markets.”

Meanwhile, the other PP producer EPPC also issued increases of $70/ton on their April PP raffia and fibre prices. Now, the producer offers raffia at $1020/ton and fibre at $1040/ton on ex-works Port Said, cash basis.

A source from the producer remarked, “Global PP markets have been rising while we saw good demand for our cargoes during March. Therefore, we elected to lift up our April prices. Regarding our new levels, we believe that they will see acceptance from the market. Our operations, meanwhile, proceed without any problems.”