Egypt’s OPC issues February PP raffia prices

In Egypt, local PP producer OPC issued their new February PP raffia prices with decreases of EGP300/ton ($38/ton) from January at EGP8100-8500/ton ($1034-1086/ton) on an ex-Ain Sokhna, cash excluding VAT basis.

A source from the producer, who claimed to be proceeding with their deliveries without any problems, commented, “Demand has been picking up and we anticipate gradual improvement in buying interest since many players had refrained from making fresh purchases back in January, expecting further softening. Therefore, most converters are currently working with low stocks and we believe that this situation will eventually force them back to the market, where locally held supplies are relatively limited. For February, we mainly anticipate a steady trend as the market has already started to show signs of stability.”