Egypt’s SIDPEC comments on late deliveries
A distributor said, “We have started to receive some PE inquiries, albeit in limited numbers, now that the holiday lull has started to dissipate. Yet, in general, demand remains slow. On another note, players complain that they have not received their quotas from the local producer SIDPEC. Although demand is weak, SIDPEC, given their not very comfortable stocks, may not issue great decreases. Plus, the local producer may use the advantage of the depreciating EGP against the US dollar to keep the decrease amount limited. Apart from that, difficulties when opening letters of credit at banks also cause buyers to turn away from the import market to the local market.”
A source from SIDPEC replied to these claims by saying, “We are holding comfortable supplies for HDPE film and blow moulding, although it is true that we are facing some issues when producing HDPE injection. Yet, that does not mean that our HDPE injection production is halted. Our injection production continues but in small amounts. We observe the market and deem it as “calm” after the holiday period. We will announce our new prices as of next week and we will consider the slow market conditions.”
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