Egypt’s PP producer EPPC returns to market
Since end March, the producer’s activity was scarcely reported as they were mainly trying to clear their backlog. Now, EPPC offers raffia at EGP13035/ton ($1657/ton without VAT) and fibre at EGP13200/ton ($1678/ton without VAT) on ex-Port Said, cash including VAT basis.
A source from the producer reported, “We are operating at full rates and we hold sufficient inventory levels for all grades. We are now ready to deliver to the local market. However, for export trade, we are not certain yet. It would mainly depend on the market trend in our export destinations, especially in Turkey. Therefore, before deciding on our export activities, we prefer to observe the trend in those export destinations.”
Prior to EPPC’s announcement, it was noted in last week’s ChemOrbis Egypt PP Polymer Digest that a buyer had received notice that EPPC would start deliveries as of this week. Some players had attributed the softening in the distribution market levels to EPPC’s return.
Currently the locally held raffia offers stand at EGP13000-13550/ton ($1653-1722/ton without VAT) on ex-Egypt, cash including VAT basis, down by EGP150/ton ($21/ton) at the high end.
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