Egypt’s PVC producers lift prices for 2H May
EPC lifted their offer levels by EGP300/ton ($34/ton) to EGP9200/ton ($1036/ton) for PVC k67-68 and to EGP9350/ton ($1053/ton) for PVC k70 on an ex-Alexandria, cash excluding VAT basis. A source from the producer stated, “We elected to increase our prices given the good demand we see towards our cargoes. Market players widely prefer the local market to meet their needs as they have abandoned their import purchases in the face of ongoing difficulties when opening letters of credit at banks and fluctuations on the EGP/USD exchange rate. Regarding our plant’s operations, we run at full capacity and deliver to our customers without any difficulties.”
Meanwhile, TCI Sanmar also increased their PVC k67-68 prices for the latter part of May. The producer also issued EGP300/ton ($34/ton) hikes and pulled up their prices to EGP10200/ton ($1044/ton w/o VAT) on an ex-Port Said, cash including VAT basis.
A source from the producer commented, “Given limited import purchases amidst higher EGP/USD exchange rates and ongoing problems opening letters of credit at banks, we see very good demand for our promptly available cargoes. This situation supported us when seeking hikes for the second half of the month. At the moment, we are operating normally and our deliveries proceed without any problems.”
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