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Egypt’s PP, PE markets firmer in August despite muted demand

by Başak Ceylan -
  • 03/08/2021 (09:25)
Egypt’s PP and PE markets kicked off August on a firm footing, as bullish sentiment among sellers continued. The bullish sentiment was partly because supply for certain grades tightened over last month and partly on account of firmer feedstock and resin costs in global markets. However, demand and activities remained subdued in the Egyptian markets.

Saudi major keeps PP prices stable; PE offers fluctuate

A major Saudi producer initially approached the market with offers significantly higher than the previously available levels in July. As most players expected, the major producer revised their offers for August.

The major producer’s HDPE film offers were $20/ton lower at $1330/ton CIF Egypt, 90 days, while HDPE inj. and b/m offers were unchanged at $1400/ton from July levels. New LLDPE film offers were higher by $70/ton at $1320/ton and LDPE film offers were higher by $120-150/ton at $1520/ton, with the same terms.

As for PP, the major producer decided to roll over their July levels, which were at $1400/ton for PPH raffia and inj., and $1430/ton for PPH film and fibre.

The availability was reported to have remained tight, particularly for PP grades.

Tight supplies keep Mid-Eastern seller’s pricing firm

A Middle Eastern supplier’s new PPH raffia and inj. offers emerged with increases of $20-50/ton over July while PPBC inj. prices surged by around $90/ton. PPRC inj. prices were also higher, up by $10/ton on the month.

The supplier’s new offers were at $1400/ton PPH raffia and inj., $1490/ton for PPBC inj. and $1510/ton for PPRC inj. CIF Egypt, 90 days.

“Allocations are very limited, so no major discounts are expected,” a trader reported.

SIDPEC out for maintenance, ETHYDCO ops for mixed pricing

SIDPEC, one of the two PE producers in Egypt, shut their plant in Alexandria, Egypt for a planned maintenance shutdown on August 1. The shutdown is expected to last until September.

“The producer does not have sufficient stocks to tide over the shutdown period,” a source said, adding that the producer will not be able to deliver in August.

Meanwhile, ETHYDCO opted for a mixed pricing strategies for August. The producer’s HDPE b/m and HDPE pipe prices were unchanged from July while HDPE film and LLDPE film were up by EGP3,000/ton ($191/ton) and EGP1,000/ton ($64/ton), respectively, as compared to June. ETHYDCO’s HDPE inj. offers were EGP2,000/ton ($127/ton) down on a monthly basis.

A source reported that the producer had sufficient stocks and could deliver immediately to the requirements of the buyers. “The producer’s new pricing was in line with the current import prices and availability conditions in the market,” the source added.

EPP announced increases for August prices

EPP (Egyptian Propylene & Polypropylene), formerly referred to as EPPC, announced their new offers with increases of $25/ton over July.

The local producer’s new offers were at $1525/ton for PP raffia, $1575/ton for PPH fibre and $1550/ton for PPH film, all on ex-works Port Said, cash basis.

According to the producer, new prices reflected higher feedstock costs and firmer global markets.
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