Egypt’s OPC cuts January PP prices

In Egypt, local PP producer OPC cut their January PP raffia prices by EGP600/ton ($77/ton) to EGP8400-8600/ton ($1073-1098/ton) on an ex-Ain Sokhna, cash not including VAT basis.

A source from the producer commented, “Given our competitive prices, we see good demand from buyers and the purchase amounts are satisfactory under the current market conditions. Our plant is currently operating at full rates and we are delivering without any problems. However, regarding our market outlook, we anticipate the softening trend to remain in place until mid-February before markets will pick back up in line with China’s return from their New Year holiday. However, if crude oil prices continue to go south, this revival might be delayed.”